On Monday, oil prices experienced a decline, reversing the gains observed on Friday, as renewed concerns regarding diminishing demand in the United States and China, combined with mixed signals from the U.S. Federal Reserve, impacted market sentiment.

Brent crude futures for January dropped by 61 cents, or 0.75%, to reach $80.82 per barrel at 0800 GMT.

Simultaneously, U.S. West Texas Intermediate (WTI) crude futures for December stood at $76.56, reflecting a decrease of 61 cents, or 0.79%, Reuters reported.

While prices had increased by nearly 2% on Friday following Iraq’s expression of support for oil cuts by OPEC+, they registered about a 4% decline for the week, marking their third consecutive weekly losses, a trend not seen since May.

Written by B.C. Begley