Investing.com - Crude oil prices were flat on Monday in Asia as the marekt looked for cues.
On the New York Mercantile Exchange, Crude Oil for delivery in August traded at $100.84 a barrel, flat, after ending last week at $100.83 a barrel, down 2.04%.
In the past week, crude oil futures tumbled to multi-week lows on as worries over potential supply disruptions in the Middle East continued to subside.
On the ICE Futures Exchange in London, Brent oil for August delivery slumped to a daily low of $106.27 a barrel on Friday, the weakest level since April 8, before settling at $106.66, down 1.85%, or $2.01.
Investors continued to unwind positions that had priced in the possibility of major supply disruptions stemming from violence in Libya and Iraq.
Libya recently struck a deal with rebels occupying oil ports under terms that would have insurgents give up control over terminals that have been closed for a year. The deal should add 500,000 barrels per day of crude back into the global energy market.
Meanwhile, indications that Iraqi oil exports from the southern part of the country remained insulated from the sectarian violence that has swept the north in recent weeks also weighed.
Oil prices rallied to nine-month highs in June amid fears that an insurgency in northern Iraq would spread to the oil-rich south and disrupt the nation's oil production.
In the week ahead, investors will be watching testimony on monetary policy by Federal Reserve Chair Janet Yellen, as well as key data on U.S. June retail sales.
Oil traders will also look ahead to a raft of Chinese economic data this week, including reports on second quarter gross domestic product, industrial production and retail sales.
The U.S. and China are the world’s two largest oil consuming nations.