WASHINGTON (dpa-AFX) - Oil prices were subdued on Monday, after having opened the week on a firmer note earlier in the day following an escalation in Middle East geopolitics over the weekend.
Benchmark Brent crude futures edged up 0.1 percent to $71.62 a barrel, while WTI crude futures were marginally lower at $68.15.
Brent prices fell around 3 percent last week and WTI fell by around 5 percent despite China launching a significant policy campaign to boost the world's second-biggest economy and the top oil importer.
Beijing's stimulus measures extended China's market rally into a second week, but the long-term effects are still unclear.
Oil prices struggled for direction in European trading after the latest set of official and private sector PMI data from China reflected broader weakness in both manufacturing and services.
Investors also awaited comments from ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell later in the day for additional clues on the rate outlook.
On the positive side, concerns escalated over potential supply disruptions after Israeli military carried out an air raid on target in the heart of Lebanon's capital for first time in years.
It is feared that Israel's increased attacks against Hezbollah in Lebanon and Houthi in Yemen may bring the region one step closer to a much wider conflict involving Iran and the United States.
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