LONDON, Oct 21 (Reuters): 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 crude futures were up $1.10, or 1.51 per cent, at $74.16 a barrel at 1308 GMT. US West Texas Intermediate crude futures were $1.26, or 1.82 per cent, higher at $70.48 a barrel.
Brent settled more than 7 per cent lower 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.
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 China's economy grew at the slowest pace since early 2023 in the third quarter, fuelling growing concerns about oil demand.
Oil prices regain some ground-
FE Team | Published: October 21, 2024 22:04:05
Oil prices regain some ground-
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