Oil retreats after weekly gains

Oil started the new week lower after its biggest weekly gain since early April as investors weighed signs of tightening supply and demand concerns. Brent crude traded near $78 a barrel after closing 4.8 percent higher last week after Saudi Arabia and Russia pledged to curb supply. Treasury Secretary Janet Yellen said the risk of a U.S. recession was “not completely off the table,” adding a note of caution to the market. Oil is about 9 percent lower for the year, in part because of China’s lackluster economic recovery and sharp monetary tightening by central banks. A good U.S. jobs report is expected to keep the Fed on track to raise interest rates this month, keeping headwinds from rising crude prices. Data in Asia on Monday showed China’s consumer inflation rate held steady in June, while ex-factory prices fell further, reflecting continued weak demand. The International Energy Agency and the International Economic Cooperation and Liberia Economic Cooperation (OPEC) will provide snapshots of the market when they publish monthly reports later this week.