Oil rises

Singapore

Oil prices rose on Monday, with traders shifting money into crude futures as the dollar weakened, and on concerns that new U.S. sanctions against Iran could be extended to affect crude supplies.

But markets were held back by more signs of growing U.S. production and by worries that import demand in China could slow.

International Brent crude futures were trading at $57.01 per barrel at 0620 GMT, up 20 cents from their last close. U.S. West Texas Intermediate (WTI) futures were up 19 cents at $54.02 a barrel.

Traders said the rising prices were a result of cash being poured into crude futures due to a weakening dollar and because of a generally firm outlook thanks to producer efforts to cut output.

Investors raised their net long U.S. crude futures and options positions in the week to Jan. 31 to a record 412,380 lots, the U.S. Commodity Futures Trading Commission said on Friday.