Investing.com - Oil prices swung between small gains and losses on Monday, as market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output to support prices when it meets in Vienna later this week.
On the ICE Futures Exchange in London, Brent oil for January delivery inched up 21 cents, or 0.27%, to trade at $80.58 a barrel during European morning hours.
On Friday, Brent rallied $1.03, or 1.3% to settle at $80.36 a barrel as investors bet that fresh stimulus efforts in China and the euro zone will lead to increased global demand.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January tacked on 17 cents, or 0.22%, to trade at $76.68 a barrel.
New-York traded oil futures rose 66 cents, or 0.87%, on Friday to end at $76.51 a barrel.
Oil ministers from Iran, Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
London-traded Brent prices have fallen nearly 30% since June, when it climbed near $116, while WTI futures are down almost 29% from a recent peak of $107.50 in June.
Prices remained supported after the People's Bank of China cut its benchmark one-year deposit rate by 25 basis points to 2.75% on Friday and trimmed its one-year lending rate by 40 basis points to 5.6%.
The move came in response to recent signs of a slowdown in the world’s second-largest economy.
Meanwhile, in Europe, European Central Bank President Mario Draghi reiterated on Friday that the central bank is ready to expand its stimulus program to raise inflation as quickly as possible.
The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, a stimulus tool known as quantitative easing.