Investing.com - Oil futures were lower on Monday as the dollar strengthened, with trading expected to be light due to holidays in the U.K. and the U.S.
U.S. crude futures were down 12 cents, or 0.24%, at $49.21 a barrel at 0650 ET, while Brent crude declined 0.52% to $49.69 a barrel.
The dollar hit a one-month high against the yen as remarks Friday by U.S. Federal Reserve Chief Janet Yellen flagged a possible near term rate hike. A higher dollar depresses demand for oil.
An expected increase in Canadian oil sands output this week also weighed, after production had been hit by wildfires.
The market remained supported at the start of the U.S. peak demand summer driving season, which kicks off on Memorial Day.