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Oil lost ground amid signs of tepid demand, with a stronger dollar and key technical measures also putting a lid on the commodity's recent rally.

Oil dropped as light summer trading volumes exacerbated pressure from technical resistance levels.

Oil fell for the first time in three days as trader fears of further rate hikes in the US carried the day against evidence of a rebound in China.

Oil posted the first weekly gain since early April after tracking broader market sentiment that embraced risk assets on rising optimism the US will reach a debt-ceiling deal.

Oil fell to the lowest in about four months after OPEC+'s plan to loosen its production curbs this year deepened the market's bearish sentiment.

Oil extended declines to the lowest in almost six months as weaker US gasoline demand and recessionary fears weighed on markets.

Oil hit a three-week low as light summer trading left the commodity at the mercy of broader markets.

Oil plunged to the lowest in two months amid signs that the Israel-Hamas conflict will remain contained, bringing angst about interest rates and a slowing global economy back to the fore.

Oil extended losses after the International Monetary Fund downgraded its global growth forecast, intensifying market concerns of an economic slowdown in the wake of hawkish comments from U.S. Federal Reserve officials.

Crude futures sank as the United Arab Emirates called on OPEC+ to boost oil output faster while Ukrainian President Volodymyr Zelenskiy reiterated willingness to consider some compromises to end the war with Russia.