Oil prices steady after 7% weekly drop
Shafaq News/Oil prices steadied in early trading on Monday, following a more than 7% droplast week on worries about demand in China, the world's top oil importer, andan easing of concerns about potential supply disruptions in the Middle East.
Brent crudefutures rose 8 cents, or 0.11%, to $73.14 a barrel by 01:20 GMT. US West TexasIntermediate crude futures gained 10 cents, or 0.14% to $69.32 a barrel.
That markedthe contracts' biggest weekly declines since Sept. 2, on slowing economicgrowth in China and falling risk premiums in the Middle East. US President JoeBiden said on Friday there was an opportunity to "deal with Israel andIran in a way that ends the conflict for a while".
Theconflict in the Middle East however intensified over the weekend as Israel onSunday said it was preparing to attack sites in the Lebanese capital of Beirutlinked to Hezbollah's financial operations.
On Mondaymorning, China cut benchmark lending rates as anticipated, part of a broaderpackage of stimulus measures to revive the economy.
Data hadshown on Friday that China's economy grew at the slowest pace since early 2023in the third quarter, fuelling growing concerns about oil demand.
On thesupply side, last week, US energy firms cut the number of oil and natural gasrigs operating for the fourth time in five weeks, according to a closelywatched report by energy services firm Baker Hughes BKR.O on Friday. The rigcount dropped by one to 585.
(Reuters)
