Oil prices stabilised on Monday after losses last week as lower-than-expected U.S. inflation data offset investors' concerns about a supply surplus next year. Brent crude futures were down by 38 cents,

Crude oil prices were in the red on Monday as oversupply concerns and poor demand outlook continued to weigh on sentiments. Oil prices had fallen last week when the Federal Reserve signalled fewer interest rate cuts in 2025 than previously anticipated.

Oil prices fell in early trading on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 2%.