Oil prices fell more than a dollar on Monday, with U.S. crude easing from two-year highs on prospects of higher supply, and uncertainty about Russia's resolve to join in extending output cuts ahead of this week's OPEC meeting.
U.S. light crude fell as low as $57.55 a barrel during the session, before recovering some ground to end Monday's session down 84 cents, or 1.4 percent, at $58.11.
Benchmark Brent crude oil was up 9 cents at $63.95 a barrel by 2:25 p.m. ET (1925 GMT). It touched an session low of $62.70.
Oil prices have risen sharply in recent months due to output cuts by the Organization of the Petroleum Exporting Countries, Russia and other producers. However, higher prices have encouraged greater output among U.S. producers.