Ammon News - 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.

Brent crude futures dropped 86 cents, or 1.1%, at $78.18 per barrel by 0523 GMT, while U.S. West Texas Intermediate crude futures fell 83 cents, also 1.2%, to $74.73 per barrel.

Both benchmarks gave up their gains from last week, falling by more than $1 a barrel on Monday, before recovering some ground. Brent gained 99 cents last week, while WTI climbed $1.18.

The negative news from China outweighed market concerns over the lingering possibility an Israeli response to Iran's Oct. 1 missile attack could disrupt oil production, though the U.S. has cautioned Israel against targeting Iranian energy infrastructure.

Reuters