Oil prices declined on Monday amid China growth concerns and the U.S. rate hike fears.
Benchmark Brent crude futures fell 0.8 percent to $77.86 a barrel, while WTI crude futures were down 0.8 percent at $73.25.
Both benchmarks gained more than 4 percent last week to touch their highest marks since May after Saudi Arabia and Russia, the world's biggest oil exporters, announced plans to deepen supply cuts in August.
Fuel demand concerns resurfaced as new inflation data from China fueled concerns about deflation risks in the world's second-largest economy.
China's consumer inflation was unchanged last month from a year earlier, marking the weakest rate since February 2021.
Factory-gate prices fell further in the month, indicating weak demand in the world's largest crude importer.
Meanwhile, following Friday's mixed U.S. jobs report, investors now look ahead to the release of U.S. consumer and producer price data this week for clues on the potential trajectory of interest rate hikes by the Federal Reserve.
