Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups.
Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel.
Both benchmarks ended last week down about 7%. They fell 2% on Friday after stronger-than-expected U.S. jobs data suggested interest rate cuts could be further out than expected, and on progress in ceasefire negotiations between Israel and Hamas.
However, investors remained wary of any escalation in the Middle East conflict, after the U.S. signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on U.S. troops in Jordan.