Brent Crude Futures rose 8 cents, or 0.11%, to $73.14 a barrel by 0120 GMT. US West Texas Intermediate crude oil futures gained 10 cents, or 0.14%, to $69.32 a barrel.
Brent was down more than 7% last week, while WTI lost around 8%.
That marked the biggest weekly declines in contracts since Sept. 2, due to slowing economic growth in China and falling risk premiums in the Middle East. US President Joe Biden said Friday that there is an opportunity to “deal with Israel and Iran in a way that ends the conflict for a time.”
However, the conflict in the Middle East escalated over the weekend as Israel said on Sunday it was preparing to attack sites in the Lebanese capital of Beirut linked to Hezbollah’s financial operations.
On Monday morning, China cut benchmark interest rates as anticipated, as part of a broader package of stimulus measures to revive the economy. Data on Friday showed China’s economy grew at the slowest pace since early 2023 in the third quarter, fueling growing concerns about oil demand. On the supply side, U.S. energy companies last week reduced the number of operating oil and natural gas platforms for the fourth time in five weeks, according to a closely watched report from energy services firm Baker Hughes BKR.O on Friday. . The number of platforms was reduced by one to 585.
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