Oil prices were flat to slightly lower on Monday amid worries over waning demand in the U.S. and China and the possible negative impact of higher borrowing costs on economic growth.
Benchmark Brent crude futures slipped 0.3 percent to $81.23 a barrel, while WTI crude futures were down 0.2 percent at $77.05.
Both contracts rose about 2 percent on Friday after Iraq voiced support for oil cuts by OPEC+.
With recession worries still swirling, investors are more focused on slow demand in the United States and China.
Worries over the potential supply disruptions from the Middle East also faded as Israel’s military consolidates control of Gaza City.
Israeli Prime Minister Benjamin Netanyahu said last week that his country does not seek to conquer, occupy or govern Gaza after its war against Hamas but a civilian government would need to take shape in Gaza and Israel would make sure an attack like Oct. 7 does not happen again.
Following recent hawkish comments from central bank officials, investors now look forward to the release of U.S. and Eurozone inflation data this week for further clarity on the outlook for rates and global economic growth.