Oil prices settled mixed on Monday as geopolitical tension in Middle East offsets rising U.S. output.
Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.
Analysts said investors believe the geopolitical tension will disrupt oil production in the region, so to offset rising U.S. output.
The number of rigs operating in U.S. oil fields rose by nine to a total of 738 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for December delivery was up 0.02 U.S. dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.
Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.
Analysts said investors believe the geopolitical tension will disrupt oil production in the region, so to offset rising U.S. output.
The number of rigs operating in U.S. oil fields rose by nine to a total of 738 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for December delivery was up 0.02 U.S. dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.
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