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Brent crude slipped 1 cent, or less than 0.1%, to $68.70 a
barrel at 0908 GMT, and West Texas Intermediate (WTI) crude
edged down by a similar amount to $65.36.
Both contracts have risen more than 30% since the start of the
year, and Brent remains close to the key $70-a-barrel threshold.
"The fact that prices remained relatively stable during this
rather turbulent five-day period indicates that the confidence
in a healthy oil market remains intact and unless something
unpredictably negative occurs any downside potential will be
limited," said PVM Oil analyst Tamas Varga.
The British economy reopened on Monday, giving 65 million people
a measure of freedom after the gloom of a four-month COVID-19
lockdown.
The promise of strong economic growth has kept oil prices high
in recent weeks, although the pace of inflation has kept many
investors concerned about the possible rise of interest rates
and fall of consumer spending.
Investors also remained cautious on worries that the highly
transmissible coronavirus variant first detected in India is
spreading to other countries.
Some Indian states said on Sunday they would extend COVID-19
lockdowns to help contain the pandemic, which has killed more
than 270,000 people in the country.
Singapore is preparing to close schools this week, meanwhile
Japan has declared a state of emergency in three more
prefectures to contain outbreaks.
Disappointing economic data from China also added to pressure.
China's factories slowed their output growth in April and retail
sales significantly missed expectations as officials warned of
new problems affecting the recovery in the world's
second-largest economy.
China's crude oil throughput rose 7.5% in April from the same
month a year ago, but remained off the peak seen in the last
quarter of 2020.
"With growing concerns over the spreading pandemic in Asia,
Brent prices are expected to stay in a trading range this week,"
said Kazuhiko Saito, chief analyst at commodities broker
Fujitomi Co.
Meanwhile, gasoline shortages that have plagued the U.S. East
Coast slowly eased on Sunday, with 1,000 more stations receiving
supplies as Colonial Pipeline's 5,500-mile (8,900-km) system
recovered from a crippling cyberattack.
U.S. energy firms added oil and natural gas rigs for a third
week in a row as higher crude prices prompt some drillers to
return to the wellpad, energy services firm Baker Hughes Co said
on Friday.
(Reporting by Bozorgmehr Sharafedin in London, additional
reporting by Yuka Obayashi in Tokyo; Editing by Jacqueline Wong
and Emelia Sithole-Matarise)
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