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Oil prices pared losses to trade roughly flat on Monday as the dollar reversed course, though gloomy economic prospects in Europe and Asia weighed on crude futures. 

The softening comes a week after crude prices hit 2016 highs on the back of a quicker-than-expected rebalancing in physical oil markets.

Crude futures clawed back some ground as the dollar's rally stalled in morning trade.

Brent crude oil futures was up 1 cent at $50.55 per barrel by 11:03 a.m. ET (1503 GMT), after striking a session low of $49.61.


U.S. crude was up 3 cents at $49.10 a barrel, having earlier fallen to $48.16.