Oil prices were little changed on Monday as investors showed record confidence that prices would rise further, but the prospect of faster growth in U.S. oil production capped gains.
U.S. West Texas Intermediate futures settled up 6 cents at $54.05, after earlier rising more than 1 percent.
Brent crude oil fell 4 cents to $55.95 a barrel by 2:34 p.m. ET (1934 GMT) on its second to last day as the front-month contract.
Traders said futures pared gains from earlier on Monday after a report from energy data provider Genscape showed a build of more than 800,000 barrels of crude at the Cushing storage hub in Oklahoma, where WTI is priced.
Investors raised their bets on rising Brent crude oil prices to a new high last week, data from the InterContinental Exchange showed on Monday, breaking the 500,000-lot mark for the first time on record.
Money managers raised their bullish U.S. crude futures and options positions in the week to Feb. 21 to the highest on record, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.