Oil prices traded lower on the stronger U.S. dollar and due to profit-taking

Oil prices traded lower on the stronger U.S. dollar and due to profit-taking before the long weekend. U.S. markets and markets of most European countries will be closed for a public holiday on Monday.

The U.S. consumer price inflation excluding food and energy gained 0.3% in April, exceeding expectations for a 0.2% increase, after a 0.2% rise in March. It was the largest increase since January 2013.

The rise was driven by higher costs for housing, medical care, furniture and vehicles.

On a yearly basis, the U.S. consumer price index excluding food and energy remained unchanged at 1.8% in April, beating forecasts of a decline to 1.7%.

The core consumer inflation data indicates that the Fed might start to hike its interest rate later this year.

The global oil glut also weighed on oil prices. Investors expect that OPEC will maintain its strategy at it next meeting in June 05.

Geopolitical tensions in the Middle East support oil prices.

Investors are awaiting the release of the number of the U.S. oil rigs later in the day.

WTI crude oil for June delivery decreased to $59.84 a barrel on the New York Mercantile Exchange.

Brent crude oil for June fell to $65.45 a barrel on ICE Futures Europe.