The fall in the number of oil and gas rigs in the US and OPEC+ output cuts was outweighed by concerns over China's economy, causing oil prices to ease on Monday. Brent crude fell 0.2% to $76.44 per barrel, and US West Texas Intermediate lost 0.4% to $71.51 per barrel. The drop in Chinese retail sales and industrial output last month have led to large banks lowering predictions for the economy's growth, potentially causing China to roll out more stimulus government policy targeted towards the consumer and private sectors, while oil exports from Iran weighed on prices.