Brent has hovered above 80 a barrel for just over a month
Hopes for ceasefire in Gaza war have stalled
Both benchmarks ended last week down on souring China expectations

LONDON, March 11 Reuters Global benchmark Brent slipped on Monday, dipping below 82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China.

Brent futures were down 31 cents at 81.77 a barrel as at 1222 GMT, while U.S. West Texas Intermediate WTI slipped 34 cents to 77.67.

Both benchmarks ended the week lower on bearish Chinese data that signalled weaker demand in the world39;s leading crude importer.

Brent closed down 1.8, although the contract has remained above 80 a barrel for just over a month. Meanwhile, WTI ended 2.5 lower.

The oil complex is in a waitandwatch mode over the Gaza war and its cascading conflicts, with a questionmark over Israel39;s military plans, now that the Muslim holy month of Ramadan is starting without a ceasefire and hostage deal, said Vandana Hari of Vanda Insights.

Hopes for a ceasefire appeared to have stalled. No dates have been set for further meetings with mediators in Cairo, a Hamas official told Reuters.

Over the weekend dozens of drones were downed by U.S., French and British forces in the Red Sea area, after Yemen39;s Iranaligned Houthis targeted bulk carrier Propel Fortune and U.S. destroyers in the region, the U.S. military said.

On Monday, an explosion in the vicinity of a vessel…