Oil Prices Slip In Choppy Trade

Oil prices were a tad lower on Monday after rising sharply on Friday following calls from Saudi Arabia and Russia for OPEC+ members to joint output cuts.

Despite Friday's strong rally, oil prices fell about 4 percent last week to hit five-month lows on apprehensions about whether all OPEC+ members would stick with supply cuts.

Benchmark Brent crude futures were marginally lower at $75.80 a barrel in European trade, while WTI crude futures were down 0.2 percent at $71.06.

While signs of growing deflationary pressures in China fueled demand worries, the downside remained caped in the wake of U.S. efforts to replenish strategic reserves.

The U.S. is seeking to boost its strategic oil reserves, with delivery scheduled for March 2024.

Traders in the oil market are also watching the outcome of the COP28 climate summit, which is working on a first-of-its-kind deal to phase out the world's use of fossil fuels.

Elsewhere, data released over the weekend showed Chinese consumer price inflation fell at the fastest pace in three years in November and factory gate deflation deepened, indicating rising deflationary pressures in the world's second-largest economy.