Oil hits multi-month lows
Oil prices rose from a multi-month low on Monday as continued concerns about weakening demand after the darkening economic outlook outweighed some positive economic data from China and the US.
Wiping out previous gains, Brent crude futures were down $1.54, or 1.6%, to $93.38 a barrel as of 1128 GMT. West Texas Intermediate (WTI) crude was down 41.38, or 1.6%, at $87.63 a barrel.
Last week, front-month Brent prices fell 13.7% to their lowest level since February and recorded their biggest weekly decline since April 2020.
Last week's price action came as sluggish demand concerns outweighed supply fears. It is even possible to say that the war premium has evaporated.
Both contracts offset some losses on Friday after job growth in the United States, the world's largest oil consumer, unexpectedly picked up in July.
On Sunday, China also surprised markets with faster-than-expected growth in exports. China, the world's largest importer of crude oil, imported 8.79 million barrels per day (bpd) of crude oil in July, from a four-year low in June, customs data showed.
In Europe, Russia's exports of crude oil and petroleum products continued to flow before the European Union's impending embargo, which will come into effect on December 5.
Last week, the Bank of England warned of a prolonged recession in the UK.
Gasoline demand in the United States continues to weaken despite falling pump prices, and inventories are rising.
In terms of U.S. production, energy companies cut oil rig counts last week by the most since September, with the first drop in 10 weeks.
The US clean energy sector found support on Sunday as the Senate passed a broad bill of $430 billion.
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