U.S. crude oil prices slipped below $50 per barrel on Monday but stayed close to multi-month highs as traders braced for a potential stockpile build, expected later this week.
"They're still working out the aftermath of the hurricanes," said John Kilduff, a partner at Again Capital Management in New York. "The big thing about this week is that the inventory reports are going to be bearish for crude."
U.S. West Texas Intermediate crude futures ended Monday's session up 2 cents at $49.91, posting a seven-week high. They remained close to Thursday's near-four month high of $50.50.
Brent crude futures were 12 cents lower at $55.50 a barrel, near an almost five-month high of $55.99 touched on Thursday.