Oil prices higher, but $50 a barrel proves tough resistance

Crude oil prices rose higher in early Asian trade Monday, but analysts said gains were likely to be limited given a lack of catalysts to pull prices in either direction.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLM6, +1.38%  last traded at $46.80 a barrel, up $0.59, or 1.3%, in the Globex electronic session. Brent crude LCON6, +1.38%  on London’s ICE Futures exchange gained $0.63, or 1.3%, to $48.46 a barrel.

Oil prices fell on profit-taking but ended last week higher. Nymex oil was on its 10th winning week in the past 13 weeks while Brent rose for five weeks in a row in the past six weeks.

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