BEIJING, Nov 13 Oil prices fell on Monday, erasing gains from Friday as renewed concerns over waning demand in the United States and China, coupled with mixed signals from the U.S. Federal Reserve, dented market sentiment.

Brent crude futures for January were down 61 cents, or 0.75, at 80.82 a barrel at 0800 GMT, while the U.S. West Texas Intermediate WTI crude futures for December were at 76.56, down 61 cents, or 0.79.

Prices gained nearly 2 on Friday as Iraq voiced support for oil cuts by OPEC, but lost about 4 for the week, notching their third weekly losses for the first time since May.

Investors are more focused on slow demand in the United States and China while worries over the potential supply disruptions from the IsraelHamas conflict have somewhat receded, said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

The U.S. Energy Information Administration EIA said last week crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.

Next year, per capita U.S. gasoline consumption could fall to the lowest level in two decades, it said.

Markets were wary of potential U.S. policy tightening after Federal Reserve Chair Jerome Powell said last week that it could raise interest rates again if progress on curbing inflation stalls.

With financial conditions looser after a Friday jump in stock markets, there is a good chance of more hawkish Fed speak this week, said Tony…