Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world’s top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.
Brent Crude futures rose 8 cents, or 0.11%, to $73.14 a barrel.
US West Texas Intermediate (WTI) crude futures gained 10 cents, or 0.14% to $69.32 a barrel.
Brent had settled down more than 7% lower last week, while WTI lost around 8%.
That marked the contracts’ biggest weekly declines since Sept. 2, on slowing economic growth in China and falling risk premiums in the Middle East.
China on Monday morning cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy.
Data on Friday had shown that China’s economy grew at the slowest pace since early 2023 in the third quarter, fueling growing concerns about oil demand.
Source: Qatar News Agency
