On Monday, oil prices fluctuated due to a combination of resurrected worries about declining demand in China and the US as well as conflicting signals from the US Federal Reserve.

Brent crude dipped by 8 cents at $81.35 per barrel meanwhile US WTI slumped by 6 cents at $77.11.

As Iraq expressed support for OPEC+ oil cutbacks, prices increased by over 2% on Friday. However, they lost roughly 4% for the week, breaking a three-week losing trend for the first time since May.

Last week, the U.S. Energy Information Administration (EIA) announced that while consumption will decline, crude oil production in the country will increase this year by a little less than anticipated.

After Federal Reserve Chair Jerome Powell stated this week that the bank may raise interest rates once more if progress on reducing inflation stalled, markets remained cautious about further tightening of US policy.

Leading oil exporters Saudi Arabia and Russia announced last week that they would keep reducing their voluntary oil output until the end of the year because to worries about demand and economic expansion, which is keeping the price of crude oil down.