U.S. oil prices fell on Monday after data suggested inventory has spiked at a key storage base and as leading banks said a two-month long rebound has defied fundamentals.
Market intelligence firm Genscape reported that stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures rose 1,549,705 barrels in the week to April 22, traders said.
The front-month contract in U.S. crude's West Texas Intermediate (WTI) futures settled $1.09 lower, or 2.49 percent, at $42.64 a barrel. It fell from a session high of $44.04. On Friday, it hit a five-month high of $44.49.
Brent crude's front-month slid 59 cents, or 1.3 percent, to $44.53 per barrel. It hit a mid-November high of $46.18 in the previous session.