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Oil prices reversed gains on Monday, as investors weighed signs of strong demand against a global glut that's proven difficu电子天平lt to reduce.

Light, sweet crude for August delivery settled down 52 cents, or 1.1%, at $46.02 a barrel on the New York Mercantile Exchange, breaking a five-day winning streak after trading as high as $46.68 earlier in the session. Brent, the global benchmark, settled down 49 cents, or 1%, at $48.42 a barrel..