Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 12:55 CAT, while United States (US) West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.

Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and West Texas Intermediate down 6.8%, as investors weighed weak US jobs data and the possible timing of a Federal Reserve interest rate cut.

The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.

However, prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip.

--Reuters--