BANGKOK - The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief. Benchmark crude for June delivery was down 25 cents to $95.77 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 86 cents to close at $96.02 a barrel on Friday.

Mexico City, May 17 (EFE).- Mexican state-owned oil monopoly Petroleos Mexicanos said it detected the presence of oil at a deep-water field in the Gulf of Mexico. "There are clear signs of the presence of hydrocarbons in Maximino, but final tests are still needed to fully confirm it," Pemex announced on Twitter. It said exploration work was continuing at the field, which is located on Mexico's side of the Perdido basin in a zone very near U.S. territorial waters. Pemex has previously found crude at other deep-water fields in the Perdido area.

The price of oil rose to near US$96 a barrel on Friday ahead of the release of Conference Board's index of leading indicators for the U.S. economy. By early afternoon in Europe, benchmark oil for June delivery was up 45 cents to $95.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 86 cents on Thursday. The Conference Board's index attempts to gauge what's coming over the next several months — investors will watch it for clues about the strength of the recovery in the world's largest economy.

World oil prices fell on Thursday as US demand remained weak despite a drop in inventories, analysts said. Brent North Sea crude for delivery in June shed 38 cents to $103.30 a barrel approaching midday in London. New York's main contract, light sweet crude for June, dropped 75 cents to $93.55 a barrel. "Prices have found themselves under pressure as a result of the weekly inventory report from the US Department of Energy," said Commerzbank analyst Carsten Fritsch.