Oil prices retreated on Monday after key Brent crude hit a 2015 high as Saudi Arabia's plan to halt bombing in Yemen eased tensions over the security of supplies from the Middle East region.
A surge in the dollar, following the largest U.S. factory orders in eight months, also weighed on crude.
U.S. crude closed down down 22 cents, or 0.4 percent, at $58.93 a barrel. U.K. Brent crude, the more widely used global oil benchmark, was flat at $66.50 a barrel, after touching the year's high of $67.10 earlier.
A public holiday in Britain limited early trading volumes in Brent.
Even so, the price drop was cushioned by data from market intelligence firm Genscape showing a further tightening in supplies at the U.S. crude storage hub in Cushing, Oklahoma.
Read More What the big oil earnings are telling us