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Oil prices fell about 2% to a one-week low on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. jobless claims and weak Chinese economic data weighed.
Chinese customs authorities are stepping up inspection checks on cargoes of heavy crude oil after uncovering several Iranian shipments that were mislabelled as diluted bitumen in an effort to bypass import quotas.
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Oil prices fell on Monday as jitters over the prospect of the U.S. Federal Reserve raising interest rates, which could slow growth and hit fuel demand, and worries about weaker Chinese manufacturing data combined to erase earlier gains.
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Saudi Arabia's stock market ended higher on Sunday in response to Friday's rise in oil prices, while the Egyptian index was in the red on profit-taking.
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Oil prices posted mild gains on Friday, but headed for a second week of declines as disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook.