Brent crude futures were up $1.16 to $74.22 a barrel at 1036 GMT, while U.S. West Texas Intermediate crude futures rose $1.32 to $70.54
Oil prices rose on Monday, recouping some of last week’s more than 7 per cent decline on worries about demand in China , the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East.
Brent settled down more than 7 per cent last week, while WTI lost around 8 per cent. Those were the contracts’ biggest weekly declines since Sept. 2, due to slowing economic growth in China and falling risk premiums in the Middle East. Data on Friday showed that China’s economy grew at the slowest pace since early 2023 in the third quarter, fuelling growing concerns about oil demand.
“Geopolitical tensions in the Middle East and the positive oil demand comments from the CEO of Aramco are likely supporting oil prices,” UBS analyst Giovanni Staunovo said.
Energy Cent China Barrel Demand Bpd Week Israel Oil Aramco U.S. Energy Information Administration Saudi Aramco
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