West TX Oil Eases to $55 on Ample Global Supply

U.S. oil futures settled lower after a volatile trading on Monday as the conflict in Yemen and falling U.S. rig counts lent some support, while ample global supply kept market participants cautious after prices reached 2015 peaks last week.

U.S. June crude closed down 16 cents, or 0.28 percent, at $56.99 a barrel. Brent June crude was down 60 cents at $64.70 a barrel, having swung from $64.40 to $65.61.

Brent’s premium to U.S. crude pushed to above $8 a barrel on Monday, but fell below $7 after it failed to reach Friday’s $8.43 a barrel peak.  Saudi-led aircraft pounded Iran-allied Houthi militiamen and rebel army units in Yemen on Monday as a humanitarian crisis worsened.