WASHINGTON (dpa-AFX) - Oil prices were subdued on Monday, after having fallen to a four-week low on Friday on concerns about the outlook for demand from China.
Benchmark Brent crude futures slid 0.2 percent to $82.48 a barrel, while WTI crude futures were down 0.2 percent at $78.47.
Renewed hopes of a ceasefire in Gaza weighed on prices as Israeli forces battled Palestinian fighters in the southern city of Rafah.
U.S. Secretary of State Antony Blinken's recently said that a long-sought ceasefire between Israel and Hamas was within sight as negotiators were 'driving toward the goal line.'
A weaker dollar helped limit the downside to some extent as investors weighed the implications of U.S. President Joe Biden's exit from the presidential election race.
Amid growing calls within his Democratic Party for his stepping down, Biden endorsed his Vice-President Kamala Harris for the Democratic nomination.
Meanwhile, a surprise rate cut by China's central bank saw investors expecting near-term improvement in economic momentum.
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