Oil prices dip

Reuters

Singapore

Oil prices dipped on Monday as a strong dollar weighed on markets and Canadian oil sands production was expected to increase this week.

Crude markets, however, did receive some support from the start of the U.S. summer driving season coinciding with a fall in U.S. crude output to its lowest since September 2014.

U.S. West Texas Intermediate crude futures were trading at $49.22 per barrel at 0656 GMT, down 11 cents from their last settlement.

International Brent futures were at $49.10 a barrel, down 22 cents.  An expected rise in Canadian oil sands production also weighed on WTI, traders said.

Oil producer Suncor Energy is planning to ramp up output at its fields in Alberta this week after it was forced to shut them down earlier in May due to massive wildfires.