Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.
Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel while US West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%.
Brent and WTI posted a second week of loss on Friday after Fed Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.
However, oil prices remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers.
Source: Qatar News Agency