Investing.com - Investing.com - Crude oil fell in ASia on Monday to start the week though investors are primed to react to potential supply issues in geopolitical hotspots and the prospect of upbeat data sets in the U.S. this week.
On the New York Mercantile Exchange, crude oil for delivery in November traded at $91.57 a barrel, down 0.15%.
Last week, West Texas Intermediate oil futures declined on Friday, as concerns about weak demand and a broadly stronger U.S. dollar weighed.
The U.S. Energy Information Administration said September 17 that U.S. crude oil inventories increased by 3.7 million barrels last week, the first weekly gain in five weeks.
Total U.S. crude oil inventories stood at 362.3 million barrels, the highest level for this time of year since 2012.
A stronger dollar also kept pressure on oil and other dollar-denominated commodities. The greenback rose to its highest level in more than six years against the yen USD/JPY, while the euro EUR/USD slid to fresh 14-month lows after the Federal Reserve brought forward its outlook for rising interest rates.
For the end of 2015, the median forecast was 1.375% Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery tacked on 69 cents, or 0.71%, on Friday to settle at $98.39 a barrel by close of trade.
For the week, the November Brent contract gained $1.28, or 1.3%, amid reports that the Organization of the Petroleum Exporting Countries could trim its 2015 output target by 500,000 barrels per day at its November meeting in light of weakening global demand.
London-traded Brent prices have slid in recent weeks on concerns that global supply remains ample while demand remains weak.
In the week ahead, investors will be awaiting Tuesday's data on euro zone private sector activity, amid concerns that the recovery in the region is losing momentum. Preliminary data on manufacturing activity in China will also be closely watched.
The week will also bring a fresh look at the U.S. housing sector, with reports on both new and existing home sales, as well as Thursday's data on durable goods orders and initial jobless claims.
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