Oil prices rise above $133 a barrel

— -- Oil rose above $133 a barrel Monday on persistent worries about global petroleum supplies and the outlook for the U.S. economy and the dollar.

Reports of an attack by militants on an oil pipeline in Nigeria, one of Africa's largest oil exporters, also helped boost prices.

Light, sweet crude for July delivery on the New York Mercantile Exchange was up 98 cents at $133.17 a barrel in electronic trading by afternoon in Europe. The contract rose $1.38 to settle at $132.19 a barrel on Friday.

Nymex floor trading was closed Monday for Memorial Day and it also was a holiday in Britain, resulting in lower trading volume than usual.

In London, July Brent crude futures rose $1.13 to $132.70 a barrel on the ICE Futures exchange.

The dollar has weakened over the last week after a modest recovery, and investors will be watching economic data out of the United States to be released over the next few days for further clues about the health of the world's biggest economy.

"The dollar's been swinging down again," said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne, and that's "going to sway sentiment."

Oil and other hard commodities are seen as hedges against a weakening dollar and inflation. Also, a weak dollar, the currency of international oil trade, makes petroleum products less expensive to Asian and European buyers.

This week, investors will be watching for what implications U.S. consumer confidence, new home sales, gross domestic product and other economic data might have for the dollar and oil prices, he said.

"It's a pretty price sensitive week for economic data," Pervan said. "The data we're seeing out of the U.S. at the moment looks pretty weak. You'd expect that trend to continue, pushing further down on the dollar."

The dollar, one of the factors that has fed oil's rally from about $65 a year ago, was lower against the yen, but up a bit against the euro in currency trading during the afternoon in Europe after losing ground Friday in New York.