Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 trillion yuan ($1.40 trillion) debt package to ease local government financing strains, but analysts said it fell short of the amount of stimulus that would be needed to boost growth.

Oil futures settled at their lowest in nearly two weeks Monday following disappointing economic data from China, the world’s largest crude importer, and expectations for higher U.S. production once President-elect Donald Trump takes office.