NEW YORK (CNNMoney.com) -- Oil prices inched up slightly in choppy trading Monday, as traders looked to the volatile stock market for cues.
What prices are doing: Crude for July delivery, which became the active, front-month trading contract Friday, rose 17 cents, or 0.24%, to settle at $70.21 a barrel.
Gasoline prices fell for the 18th consecutive day, slipping to $2.793 a gallon from $2.801 the day before, according to a survey by motorist group AAA.
What's moving the market: U.S. stocks teetered between posting losses and gains Monday, as investors mulled over a better-than-expected rise in existing home sales, but couldn't let go of concerns about the European debt crisis. Oil prices tagged along for the choppy ride.
The euro and the pound both weakened against the dollar, subduing any gains in oil prices because a stronger dollar makes oil, which is traded in the U.S. currency, more expensive for foreign investors.
U.S. financial markets have been volatile for the past month, amid concerns about economic instability in Europe. Oil traders have been worried that the region's debt crisis may cut demand for fuel.
What analysts are saying: Investors are taking risk off the table due to the stock market's volatility, and putting their money into other commodities like precious metals, which are deemed "safe-haven," or lower risk investments, said Phil Streible, senior market strategist with futures broker Lind-Waldock.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.95%||3.98%|
|15 yr fixed||3.08%||3.04%|
|30 yr refi||4.04%||4.05%|
|15 yr refi||3.17%||3.11%|
Today's featured rates:
Apple warned investors it could be hit by higher taxes due to changes in Irish law More
The Bank of Japan is going for broke and expanding its already aggressive stimulus plan. More
The Da Vinci AiO 3-D scanner and printer doesn't really work, but it's an interesting concept. More
San Francisco-based Tumml is an accelerator fostering 'urban impact start-ups' that aim to tackle civic problems -- and turn a profit. More
Amy Kukec thought leaving her abusive husband would be the beginning of a new life, but so far she's hit one debilitating financial roadblock after another. More