West TX Oil Steady Below $56 after Saudis’ Yemen Action

Oil prices retreated on Monday after key Brent crude hit a 2015 high as Saudi Arabia’s plan to halt bombing in Yemen eased tensions over the security of supplies from the Middle East region.

A surge in the dollar, following the largest U.S. factory orders in eight months, also weighed on crude.

U.S. crude closed down down 22 cents, or 0.4 percent, at $58.93 a barrel. U.K. Brent crude, the more widely used global oil benchmark, was flat at $66.50 a barrel, after touching the year’s high of $67.10 earlier.