Brent crude fell below $59 a barrel on Monday as a promising U.S. jobs report pushed the dollar up, offsetting geopolitical tensions and the threat of output cuts in Libya and Iraq.
The dollar hit a more than 11-year high against a basket of currencies after data showed the U.S. unemployment rate fell to the lowest since May 2008 in February, making commodities priced in the greenback costlier for holders of other currencies.
U.S. crude closed up 39 cents, or 0.8 percent, at $50.00 a barrel. It closed down $1.15 on Friday to complete a third week of declines.
Brent eased $1.10 to $58.60 an ounce, after dropping 75 cents in the previous session. It fell 4.6 percent last week in its biggest decline since the week ended Jan. 9.
Goldman Sachs said in a note that oil prices would reverse recent gains on rising global inventories, with U.S. crude expected to drop to around $40 a barrel.