Oil prices fell Monday to finish at a two-week low, reflecting fresh concerns over supply, and the potential for a slowdown in energy demand from China.
Investors also remain focused on developments in Venezuela, where popular opposition leader Juan Guaido called for more public protests and the country's top military envoy to the U.S. defected from the government.
West Texas Intermediate crude for March delivery fell $1.70, or 3.2%, to settle at $51.99 a barrel on the New York Mercantile Exchange. The contract rose 1.1% on Friday to lose 0.7% for the week.
March Brent crude fell $1.71, or 2.8%, to $59.93 a barrel, after a gain of 0.9% to $61.64 on Friday, even as prices saw a weekly loss of about 1.7%.
Both benchmark contract saw their lowest settlements since Jan. 14, according to FactSet data.