Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.
Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel by 0421 GMT, after a 2.1% gain on Friday.
US West Texas Intermediate (WTI) crude futures for August delivery edged up 27 cents, or 0.3%, to $97.86 a barrel, after climbing 1.9% in the previous session.
The US dollar retreated from multi-year highs on Monday, supporting prices of commodities ranging from gold to oil. A weaker dollar makes dollar-denominated commodities more affordable for holders of other currencies.
Last week, Brent and WTI posted their biggest weekly drops in about a month on fears of a recession that will hit oil demand. Mass COVID testing exercises continued in parts of China this week, raising oil demand concerns at the world's second-largest oil consumer.
However, oil supplies remained tight, supporting prices.
The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+, on Aug. 3 will be closely watched as their existing output pact expires in September.
Global markets are focused this week on the resumption of Russian gas flows to Europe via the Nord Stream 1 pipeline which is scheduled to end maintenance on July 21. Governments, markets and companies fear the shutdown may be extended because of the war in Ukraine.
Loss of that gas would hit Germany, the world's fourth-largest economy, hard and heighten the threat of a recession.
Separately, US Treasury Secretary Janet Yellen said on Saturday she had productive meetings about a proposed price cap on Russian oil with a host of countries on the sidelines of a meeting of the finance chiefs of the Group of 20 major economies.
Yellen raised the price cap idea during a virtual meeting on July 5 with Chinese Vice Premier Liu He, China's commerce ministry said last week.
The ministry had said setting a cap on the Russian oil price is a "very complicated issue" and the precondition to solve the Ukraine crisis is to promote peace talks among relevant parties.
