A slump in oil prices on Monday post logging strong gains the earlier week, as investors strived to achieve some earnings before the release of major economic figures and the demand projections.

During the earlier week, crude prices staged a big rally past 8% amid expectations of revived demand, as China scrapped a lot of its Covid-19 curbs during the past period and the borders reopening that has been closed since the start of the pandemic.

Oil prices has been buoyed by the slip in the greenback weighed by retreat in inflation which indicates probability of eased rate hikes from Fed side.

Attentions tomorrow will be geared towards the release of OPEC's report, markets are anticipating the monthly report to figure out the worldwide demand outlook amid revived economy in China.

Brent oil futures dropped 0.5% at 85.09 per barrel, while WTI crude futures dipped 0.6%at $79.67 per barrel.

Another report looked for this week is the one from IEA that will give indications on the crude prices and demand for 2023.