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Oil prices rose and fell on Monday amid lingering concerns about a slowdown in global economic growth, offset by the prospect of tight U.S. crude oil supplies.
Brent crude oil futures rose $0.18 to close at $67.21 a barrel, while U.S. crude oil futures fell $0.22 to close at $58.82 a barrel.
"Some of the weaknesses we saw earlier are related to the resurgence of concerns about demand growth," said Gene McGillian, vice president of market research at Tradition Energy.
McGillian said the market is looking forward to weekly data on U.S. crude oil inventories, which will be released by the American Petroleum Association on Tuesday and by the American Energy Information Association on Wednesday.
"If we see inventory data like last week going on for another week, we could restart the rally," he said.
The latest data is expected to show a third consecutive week of decline in U.S. crude oil inventories. The previous week, U.S. crude oil stocks fell by nearly 10 million barrels and exports were close to record highs.
Jim Ritterbusch, president of Ritterbusch and Associates, said in a report, "We expect further tightening of U.S. crude oil inventories, as crude oil exports continue to increase substantially and imports may shrink."


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