Crude oil prices were mixed in subdued Asian trade today as dealers searched for fresh cues following public holidays in the United States and much of Europe, analysts said.

US benchmark West Texas Intermediate crude for July delivery gained 12 cents to $59.84, while Brent crude for July delivery fell one cent to $65.51 in late-morning trade.

“Trading has been at such low volumes that we can’t see the impact on the oil market,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, said.

There was no floor trading of crude in New York and London yesterday.

McCarthy said a resurgent US dollar remained of concern.

Dollar vs yen

The greenback was changing hands at 121.74 yen against 121.66 yen Monday afternoon and well up from 121.52 yen in New York on Friday.

The unit’s rise has been supported by Federal Reserve Chair Janet Yellen’s comments last week that she expects to hike interest rates “at some point this year’’.

Interest rate adjustments are closely watched by crude investors as an increase usually leads to a pick-up in the greenback, making dollar-priced oil more expensive for buyers using weaker currencies.

Stability in oil prices

McCarthy said there are signs oil prices have stabilised following sharp fluctuations as investors weighed concerns about conflicts in the crude-rich West Asia with a global supply glut.

“I wouldn’t say that oil is on an uptrend but neither is it on a steady fall. Oil has stabilised at current prices, and we expect both the WTI and Brent to remain in this $60-$70 range over the next couple of weeks,” said McCarthy.

Analysts said traders are awaiting the release of key US data this week, including durable goods orders figures today, a crude stockpiles report on Wednesday and the second reading of first-quarter gross domestic product on Friday.

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