Brent slips below $110 after Ukraine election
U.S. crude futures held near five-week highs above $104 a barrel on Monday, as traders increased net long positions ahead of peak summer oil demand while tensions in Libya kept the OPEC producer's output low.
U.S. crude futures for July delivery edged down 13 cents to $104.22 a barrel by 0001 GMT, after settling on Friday at the highest since April 21.
July Brent crude was at $110.42 a barrel, down 12 cents after touching the highest in 2-1/2 months last week. U.S. and U.K. markets are closed for holidays on Monday.
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Money managers raised their net long U.S. crude futures and options positions in the week to May 20, the U.S. Commodity Futures Trading Commission (CFTC) said.
Libya's El Sharara and El Feel oilfields remain shut, a spokesman for state-run National Oil Corp (NOC) said on Sunday, almost two weeks after the government said protests at the western fields had ended.
Sudan has offered to supply materials, engineers and electricity to South Sudan to speed up the repair of oilfields damaged during a five-month rebellion that has cut output by a third, South Sudan's oil minister said.
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Norway's Statoil said on Friday it had resumed some production at its Snorre B platform in the North Sea but it was as yet unclear when full production would resume.
Recent meetings between U.S. oil producers and Commerce Department officials have fueled industry hopes that the Obama administration may soon begin to ease a longstanding ban on oil exports.
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