Tensions in the Middle East and the decline in Canadian crude oil supply continue to support oil prices, but the rebound of the US dollar and the upcoming release of the US crude oil inventory report have made investors cautious, causing oil prices to fluctuate. U.S. WTI crude oil futures for April fell $0.11, or 0.18%, to close at $61.79 per barrel. Brent crude futures for April rose $0.17, or 0.26%, to close at $65.25 a barrel.

The decline in the transportation volume of Canada's Keystone pipeline has provided support for US crude oil prices. The pipeline has been unable to operate at full capacity since the leakage incident broke out last year. Meanwhile, Israeli Prime Minister Benjamin Netanyahu said in a speech on Sunday that Israel might take direct action against Iran instead of being limited to attacking its Middle East Allies. This has suddenly tense the situation in the Middle East and provided effective support for oil prices.

However, the current market focus is on the upcoming release of the US crude oil inventory report. As Monday is a public holiday in the United States, both the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) have postponed the release of inventory reports by one day this week. Investors are worried that the continuous rise in US crude oil production will threaten the production cut actions of the Organization of the Petroleum Exporting Countries (OPEC).

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