WASHINGTON (dpa-AFX) - Oil prices bounced back on Monday after a deep weekly loss pushed futures to their lowest close since 2021 on Friday.
Benchmark Brent crude futures rose about 1 percent to $71.74 a barrel, while WTI crude futures were up 1.1 percent at $68.38.
Both benchmarks lost some 10 percent last week in a broad sell-off due to concerns over slowing U.S. and Chinese demand and the possibility of increased oil supply from Libya.
Today's rebound in oil prices was partly in response to a potential hurricane near the U.S. Gulf Coast, which accounts for about 60 percent of U.S. refining capacity.
A weather system in the Gulf of Mexico could become a hurricane before it makes landfall, the U.S. National Hurricane Center said on Sunday.
Investors were also reacting to mixed inflation data from China.
Official data showed consumer prices in China were up 0.6 percent on year in August, up from 0.5 percent in July, but shy of forecasts for 0.7 percent.
Producer prices dropped 1.8 percent on year versus expectations for a decline of 1.4 percent following the 0.8 percent drop a month earlier.
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