Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.

Crude futures finished with a loss on Friday, just a day after posting a gain for the first time in five days, with prices of the U.S.-traded benchmark ending below $70 a barrel and marking its worst weekly performance in about a year.

Oil futures fell on Friday, declining more than 7% on the week after data showed China's economic growth slowed and investors digested a mixed Middle East outlook. Brent crude futures fell $1.39, or 1.