Oil stays near multi-month lows

Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.

Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5 per cent, at $94.41 a barrel by 0816 GMT. US West Texas Intermediate crude was at $88.58 a barrel, down 43 cents, or 0.5 per cent.

Front-month Brent prices last week hit the lowest since February, tumbling 13.7 per cent and posting their largest weekly drop since April 2020, while WTI lost 9.7 per cent, as concerns about a recession hitting oil demand weighed on prices.