Crude oil futures were little changed Monday morning, holding recent gains amid expectation for robust U.S. production.
U.S. drillers continued to add rigs last week, according to oilfield services giant Baker Hughes.
Oil has been firmly above $60 a barrel on reports that Saudi Arabia is content with prices this high. It was thought that the Saudis feared U.S. competitors would flood the market if oil got to $65-70.
WTI light sweet oil was up 5 cents at $63.61 a barrel.
On the economic front, the Federal Reserve Bank of Chicago’s National Activity Index for January will be issued at 8.30 am ET.
The Commerce Department’s New Home Sales for January will be published at 10.00 am ET.
Dallas Fed Manufacturing Survey for February is expected at 10.30 am ET.