Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5%, at $94.41 a barrel by 0816 GMT
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world’s top oil consumer, unexpectedly accelerated in July.China, the world’s top crude importer, brought in 8.79 million barrels per day of crude in July, up from a four-year low in June, but still 9.5% less than a year earlier, customs data showed.
In terms of U.S. production, energy firms last week cut the number of oil rigs by the most since September in the first drop in 10 weeks.
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