Global oil prices ended little changed Monday, while U.S. prices posted a modest gain as upbeat manufacturing data from China lifted prospects for energy demand.

A cease-fire between Israel and Iran-backed Hezbollah led to a drop in prices for the month of November. Weakness on Friday came after the Organization of the Petroleum Exporting Countries and its allies — known together as OPEC+ — delayed until Thursday a meeting that had been set for Sunday.

West Texas Intermediate crude for January delivery rose 10 cents, or nearly 0.2%, to settle at $68.10 a barrel on the New York Mercantile Exchange, after losing nearly 1.1% on Friday.

February Brent crude, the global benchmark, fell by a penny to settle at $71.83 a barrel on ICE Futures Europe.

On Monday, oil prices found support from strong factory activity in China, Alex Hodes, director of energy-market strategy at StoneX, wrote in Monday's newsletter. "Stimulus measures are finally starting to take effect by the world's second largest crude oil consumer, shifting the momentum in manufacturing optimism," he wrote.

The Caixin manufacturing purchasing managers index rose to 51.5 in November, compared with 50.3 in October, according to data released by Caixin Media Co. and S&P Global on Monday. That marked a second straight month of expansion and the fastest pace of growth since June, Caixin said. A reading above 50 indicates growth in activity, while a reading below 50 indicates contraction.

Meanwhile, OPEC+ had been expected to further delay a plan that's now set to see some members begin unwinding around 2.2 million barrels a day of production cuts in January. The decision to postpone the meeting was viewed by traders as a potential sign of clashes over output levels, raising questions over whether the production increase would be delayed again.

Source : MarketWatch