WASHINGTON (dpa-AFX) - Oil prices were little changed on Monday, after having fallen sharply to a near two-month low on Friday, weighed down by concerns about the outlook for demand, and recent data showing a jump in crude inventories.
Benchmark Brent crude futures slipped 0.1 percent to $73.97 a barrel in European trade while WTI crude futures were down 0.1 percent at $70.30.
Fears of oversupply contributed to the decline following reports of likely resumption of oil exports from Kurdistan.
Reuters said quoting sources with direct knowledge of the matter that the Trump administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran.
Quoting an official from Iraq's Oil Ministry, it was said that Iraq will export 185,000 barrels a day from Kurdistan through the Iraq-Turkey pipeline once oil shipments resume.
Weaker-than-expected U.S. economic data released on Friday and ongoing talks to end the war between Russia and Ukraine also kept oil prices under pressure.
Officials from Russia and the U.S. are expected to meet again this week and a potential peace agreement would help lift U.S. sanctions on Russia and improve crude oil supply from the region.
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