Benchmark West Texas Intermediate oil ended higher on Monday after data showing a partial draw in stockpiles at the delivery point for U.S. crude helped steady a market weighed earlier by near record highs in Saudi production.
After a volatile trading session, U.S. crude for May settled up 64 cents, or 1.2 percent, at $56.38 a barrel. Brent crude gave up earlier gains to trade down 13 cents to $63 a barrel. I hit a intraday peak of $64.34.
Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said.
"The market was bouncing around looking for news to latch on to, and the draw numbers for U.S. crude certainly helped," said Phil Flynn, analyst at the Price Futures Group in Chicago.
Oil services firm Genscape reported a draw of more 900,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude between Tuesday and Friday last week, market sources who saw the data said. For the week to Friday, Genscape reported a build of about 350,000 barrels, they said.