Oil prices ended last week with significant declines, recording their lowest levels since last January on Friday, after data showed that job growth in the United States slowed more than expected last month.
The decline in oil prices was also reinforced by Chinese economic data, which increased pressure on prices.
Price movements
During Friday's trading, Brent crude futures fell $2.71, or 3.41 percent, to settle at $76.81 a barrel, while recording a weekly decline of 4.3 percent.
U.S. West Texas Intermediate (WTI) crude futures fell $2.79, or 3.66 percent, on Friday to $73.52 a barrel, for a weekly loss of 4.7 percent.
U.S. job growth slowed more than expected in July and the unemployment rate rose to 4.3 percent, pointing to a possible recession.
Economic data from China, the world's largest oil importer, and a survey showed weak manufacturing activity last month in the United States, Europe and Asia, raising the risk that a weak global economic recovery could weigh on oil consumption.
A slowdown in manufacturing activity in China also contributed to the decline in prices, as it exacerbated concerns about demand growth after June data showed imports and refinery activity fell compared to the previous year.
Asia's crude oil imports fell to their lowest in two years in July due to weak demand in China and India, data from the London Stock Exchange Group's oil research division showed.
A meeting of OPEC+ ministers on Thursday left current oil production policy unchanged, including the alliance's intention to gradually roll back part of the production cuts starting in October.
Oil investors are watching developments in the Middle East.
However, analysts pointed to no significant disruption to oil supplies from the region as prices fell to multi-week lows amid fears of a full-scale war.
