Crude oil futures swung higher on Monday after falling on concerns that U.S. demand for gasoline may fade after a strong stretch and in worries about the potential fallout from the Greek debt crisis.
U.S. crude closed up 7 cents, at $59.68 a barrel, ahead of the expiry of the front-month July contract.
Brent crude for August delivery was up 46 cents at $64.23 a barrel, after falling nearly 2 percent on Friday over worries about a potential Greek debt default.
The contracts spent most of the session in negative territory despite data from market intelligence firm Genscape suggesting a big draw on the week on stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures.
Gasoline and diesel's proxy, heating oil, fell by 1 percent or more, leading the oil complex lower, as traders and investors cut the products prices from their recent peaks. Gasoline hit near 8-month highs last week.
"One of the biggest supporters of the U.S. crude rally has been the products markets. But there's concern we may have overproduced gasoline lately, just like how we've been doing with crude," said Matthew Perry at Kronenberg Capital Advisors, an energy-focused hedge fund in Oreland, Pennsylvania.
On the Greek front, euro zone finance ministers welcomed new Athens proposals for a cash-for-reform deal but said it would take more work to avert a default.