Oil prices showed moderate growth on Monday after a more than 7% drop last week. Brent crude futures rose 1.22% to $74.20 per barrel, while WTI contracts rose 1.48% to $69.88. Last week, Brent crude lost more than 7% and WTI lost about 8%, which was the biggest weekly decline since September. The drop was caused by concerns about oil demand in China and easing concerns about possible supply disruptions in the Middle East. On Monday, China was expected to cut base lending rates as part of stimulus measures to revive the economy. Data for the third quarter showed a slowdown in economic growth in China, which increased concerns about oil demand. However, the CEO of Saudi Aramco said at an energy conference in Singapore that he was optimistic about China's oil demand, citing political support for growth and increased demand for aviation fuel and chemical products. On Friday, the U.S. Energy Information Administration reported record weekly oil production from U.S. fields, which may also affect future prices.
