2022.05.2319:27:00UTC+00Oil Futures Pare Early Gains, Settle Flat

Crude oil futures pared gains and settled flat on Monday.

Oil prices climbed higher earlier in the day amid hopes of increased demand from China as Shanghai lifted some of its restrictions after a two-month lockdown.

A weaker dollar too aided oil's uptick.

However, oil prices came off higher levels as the day progressed and eventually settled little changed from the previous close.

West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up slightly from Friday's close of $110.28 a barrel. The contract rose to a high of $111.96 earlier in the day.

The market also noted a report that the U.S. Administration is considering the potential release of diesel from a rarely used emergency stockpile as President Biden scrambles to tame soaring fuel prices amid low inventory levels ahead of the summer driving season.

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