Oil prices upin Asian trade

Oil prices rose on bargain-hunting in Asia Monday after falling last week but a supply glut and a resurgent dollar are likely to temper gains, analysts said.

US benchmark West Texas Intermediate for July delivery climbed 14 cents to $59.86 a barrel and Brent crude for July added eight cents to $65.45 in late-morning trade.

Bernard Aw, market strategist at IG Markets Singapore, said the rise was due to "some dips buying" after last week's losses.

"Signs of increased drilling activity as US drillers add onshore rigs as well as falling US crude production have likely also delivered a boost to sentiment," he added.

"However, it is good to bear in mind that US supplies remain high and a dollar resurgence may temper any upticks in oil prices."