Oil rises after another weekly gain

Oil futures traded higher in the early part of Monday?s Asian session as traders continued to push crude higher after another strong showing last week.

On the New York Mercantile Exchange, light sweet crude futures for September delivery rose 0.30% to USD108.20 per barrel in Asian trading Monday after 0.4% Friday to settle the week at USD108.23 a barrel by close of trade.

On the week, Nymex oil futures advanced 2.1%, the fourth consecutive weekly gain. The U.S. benchmark has rallied nearly 14% over the past four weeks.

Oil was boosted last week amid strong U.S. economic data and supportive comments from Federal Reserve Chairman Ben Bernanke. Bernanke said the pace of the central bank?s bond purchases are not a ?preset course?.

In the first day of his semi-annual testimony to Congress, Bernanke reiterated that the Fed will continue to maintain its accommodative monetary policy for the foreseeable future.

He added that the central bank may taper its USD85-billion-a-month asset-purchase program later this year and halt it around mid-2014.