WASHINGTON (dpa-AFX) - Oil prices were subdued in choppy trade on Monday ahead of the Christmas holiday break.
Global benchmark Brent crude fell marginally to trade at $54.09 per barrel, after hitting as high as $54.89 at one point earlier in the day.
U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $45.49 per barrel, after climbing as high as $46.22 in intraday trading.
Prices are swinging between gains and losses as concerns about a global oversupply and political uncertainty in the United States offset signs that the recent price plunge may start crimping supply from the United States.
The United Arab Emirates' energy minister said on Sunday that OPEC and its allies would hold an extraordinary meeting if output cuts doesn't balance the market next year.
A joint OPEC and non-OPEC monitoring committee would meet in Baku, Azerbaijan in late February or early March, Suhail al-Mazrouei told a news conference at a gathering of the Organization of Arab Petroleum Exporting Countries in Kuwait.
Brent crude prices slumped 11 percent last week to hit their lowest level since September 2017 on Friday, while WTI also dropped 11 percent to see its worst weekly performance since January 2016.
Both benchmarks are down over 35 percent from their recent peaks in early October.
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