Brent crude futures increased by 4 cents to $73.91 a barrel by 0714 GMT, while U.S. West Texas Intermediate crude futures decreased by 7 cents to $70.31 a barrel.
Both benchmarks experienced a decline of over 2% on Friday.
The recent stimulus package unveiled during the National People's Congress (NPC) standing committee meeting on Friday did not align with market forecasts, according to IG market analyst Tony Sycamore, who noted that the unclear future guidance suggested only limited support for housing and consumer spending.
Analysts at ANZ indicated that the absence of direct fiscal stimulus suggests that Chinese authorities are allowing time to evaluate the effects of policies from the upcoming U.S. administration.
"The market's attention will now turn to the Politburo meeting and the Central Economic Work Conference in December, where we anticipate the announcement of additional pro-consumption countercyclical measures," they stated in their report.
In 2024, oil consumption in China, which has been a key driver of global demand growth, has seen minimal growth due to a slowdown in economic activity, a decline in gasoline usage due to the rise of electric vehicles, and a shift from diesel to liquefied natural gas for trucking.
Additionally, oil prices have softened as worries about potential supply disruptions from storm Rafael in the U.S. Gulf of Mexico have eased.
As of Sunday, over a quarter of oil production and 16% of natural gas output in the U.S. Gulf of Mexico remained offline, according to the offshore energy regulator.
Both Shell and Chevron announced on Sunday that they would begin redeploying personnel to their Gulf of Mexico platforms to resume operations.
Looking forward, there are concerns that U.S. oil and gas production may increase under the new Trump administration, although analysts believe that the production forecast for 2025 is unlikely to see significant changes.
"We think producers may think twice about turbo-charging U.S. supply in an era when OPEC+ has already staked out plans to gradually raise production targets over the course of 2025," Tim Evans of Evans Energy said in a note.
Trump's campaign commitment to increase import tariffs in order to strengthen the U.S. economy has created uncertainty in the global economic landscape. However, the anticipation of potential sanctions against OPEC members Iran and Venezuela, along with a reduction in oil supply to international markets, contributed to a rise in oil prices of over 1% last week.
Additionally, oil markets are bolstered by strong demand from U.S. refiners, who are projected to operate their facilities at over 90% of their crude processing capacity due to low inventory levels and a growing demand for gasoline and diesel, according to industry executives and experts.