Oil prices regain some ground after 7% loss last week
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Oil prices rose on Monday, recouping some of last week's more than 7% 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 crude futures were up $1.16, or 1.6%, to $74.22 a barrel at 1036 GMT. U.S. West Texas Intermediate crude futures were up $1.32, or 1.9%, to $70.54 a barrel.
Brent settled down more than 7% last week, while WTI lost around 8%. 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.
China on Monday cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy.
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.
Source: Reuters
