2023.05.1509:57:00UTC+00Oil Prices Rise In Choppy Trade

Oil prices rose in choppy trade on Monday as the dollar weakened after hitting a five-week high against major peers earlier in the session.

Benchmark Brent crude futures rose 0.3 percent to $74.42 a barrel, while WTI crude futures were up half a percent at $70.36.

Oil prices reversed early losses after the European Commission, the executive arm of the EU, said that Eurozone economic growth will be faster than previous forecast this year and next.

Elsewhere, China's central bank injected more liquidity in the banking system to shore up economic growth.

Investors await a slew of data this week to assess fuel demand in the top global oil consumers, the United States and China.

U.S. economic reports due this week include data on retail sales, industrial production, housing starts and existing home sales.

Traders also await speeches from several Fed officials, including Fed Chair Jerome Powell's speech on Friday, heading to the Fed's June meeting.

Chinese data on industrial production, retail sales and fixed asset investment are due on Tuesday.