Crude Oil Ends Above $106

(RTTNews) - U.S. crude oil ended higher Monday, even as investors await fresh cues from some significant macroeconomic data due later in the week. Prices fluctuated for much of the day and found little support from the dollar, which was trading higher against some major currencies.

In economic news, Japan's gross domestic product for the second quarter fell short of expectations, fueling hopes of continued monetary stimulus support for the near future. Japan's economy grew 0.6 percent in the second quarter, while economists anticipated a 0.9 percent growth, according to preliminary data. Gross domestic product increased 2.6 percent on year for the April-June quarter, even as economists expected an increase of 3.6 percent.

Light Sweet Crude Oil futures for September delivery, the most actively traded contract, gained $0.14 to close at $106.11 a barrel on the New York Mercantile Exchange Monday.

Crude prices for September delivery scaled a high of $106.46 a barrel intraday and a low of $105.03.

Last week, oil settled lower on mixed projections for the global oil demand forecast. The OPEC revised World oil demand growth marginally higher to stand at 0.8 mbd in 2013, while maintaining that of 2014 at 1.04 mbd. Meanwhile, the International Energy Agency trimmed its global oil demand forecast for the 2014 citing weak economic growth projection by the IMF.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 81.34 on Friday, up from 81.13 late Friday in North American trade. The dollar scaled a high of 81.51 intraday and a low of 81.10.

The euro traded lower against the dollar at $1.3309 on Monday, as compared to $1.3321 late Friday in North America. The euro scaled a high of $1.3344 intraday and a low of $1.3278.

In economic news from the eurozone, employment in the German manufacturing sector increased slightly from last year in June, preliminary data released by the Federal Statistical Office showed. The number of persons employed in goods producing units, with fifty or more staff, grew 0.5 percent on an annual basis to around 5.2 million in June.

Switzerland's retail sales turnover increased for the third consecutive month in June, provisional results from the Federal Statistical Office showed. Real turnover grew 2.3 percent from a year ago, following 1.5 percent rise in May. Similarly, excluding fuel sales, overall turnover climbed at a faster pace of 2 percent after increasing 1.6 percent in May.

During the week focus will be on the Commerce Department's retail sales report and housing starts reports, both for July, jobless claims report, the results of the New York and Philadelphia Federal Reserves' manufacturing surveys for August, the Federal Reserve's industrial production report for July, the National Association of Home Builders' housing market index for August and preliminary results of the consumer sentiment survey by Reuters and the University of Michigan.

Also on focus will be the crude oil inventories data from the API due Tuesday and the EIA report due Wednesday.