Oil prices ended Monday's session little changed after earlier rebounding strongly from last week's steep losses as global equities steadied following their largest one-week slide in two years.
U.S. West Texas Intermediate futures ended Monday's session up 9 cents at $59.29, after earlier rallying to $60.83. Brent crude futures fell 20 cents to $62.59 a barrel by 2:28 p.m. ET, having topped out at $64.40 earlier in the session.
A weaker dollar helped to boost oil by making dollar-priced crude cheaper for holders of other currencies.
The crude market was also supported after traders had unwound long positions last week, and looked to regain some long footing early this week, said John Macaluso, analyst at Tyche Capital Advisors.
Early in the week, the market is likely to be driven by technical factors before fundamental inventory data from the U.S. Energy Information Administration kicks in later in the week, he said.