Investing.com - Oil futures were lower on Monday as ample supply held sway over output disruptions in Nigeria, Libya, Venezuela and Canada.
U. S. crude futures for July delivery were down 50 cents or 1.03% at $47.91 a barrel at 0659. Brent crude futures fell 0.86% to $48.30 a barrel.
Losses were held in check by a slightly lower dollar as investors look to comments by a number of Fed members later Monday for guidance on the timing of a possible U. S. rate hike. According data released Friday by oil service supplier Baker Hughes, the number of rigs operating in the U.S was steady at 318 after several weeks of back-to-back declines.