Oil futures slumped Monday, poised to give back nearly all of last week’s gains, after a weekend announcement by Chinese authorities failed to provide details on a stimulus plan sufficient to reassure investors nervous about crude demand.

Lack of clarity on China's economic stimulus plans sent oil futures tumbling, as traders adopted a wait and see approach to rising tension in the Middle East.

Oil prices fell on Monday after data showed China's inflation rate declined and a lack of clarity on the country's economic stimulus plans stoked fears about fuel demand in the world's biggest crude importer.

Oil futures ended lower Monday, with Brent prices losing 2% to give back all of last week’s gains and then some, after a weekend announcement by Chinese authorities failed to provide details on a stimulus plan sufficient to reassure investors nervous about crude demand.

OPEC lowered its 2024 and 2025 forecasts for world oil demand on Monday, largely as a consequence of concerns about China's economic outlook. OPEC now assumes that the global average daily oil demand will rise by around 1.

Investing.com-- Oil prices fell sharply in early Asian trade on Monday, retreating after data from top importer China pointed to a sustained deflationary trend, while the country’s plans for fiscal stimulus largely underwhelmed.