Monday s fall adds to a 2% decline last week after the supply cuts announced on Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+. Brent crude futures were down 72 cents, or 0.9%, at $78.16 a barrel by 1434 GMT. U.S. West Texas Intermediate crude futures fell 47 cents, or 0.6%, to $73.60.
The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd).
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. Brent ended the latest week down 4.6%, while WTI fell 4.7%.
Brent crude LCOc1 futures gained 25 cents, or 0.3%, to $88.61 a barrel at 0101 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures rose 35 cents, or 0.4%, to $81.30 a barrel.