Oil prices stabilized at the beginning of trading on Monday after a decline of more than 7 percent last week due to concerns over demand stemming from a surplus in China, the largest importer of oil in the world.
Analysts note that the concerns over demand stemming from a surplus in China have pressured prices for oil last week, but the market has stabilized now. Major futures contracts show negligible changes in oil prices.
"The reason for the ongoing concerns over demand in China remains a key factor for price movements in oil in the coming weeks," said an analyst.
At the same time, other experts believe that stability in oil prices could be maintained until new data on supply and demand conditions emerges on the market.
