Price movements
Crude futures rose Brent By $1.05, equivalent to 1.4 percent, to $74.11 per barrel by 12:33 GMT.
US West Texas Intermediate crude futures increased $1.21, or 1.8 percent, to $70.43 per barrel.
Brent fell by more than seven percent last week, while West Texas Intermediate crude lost about eight percent.
This was the largest weekly decline for both crude oil prices since September 2, due to the slowdown in economic growth in China and the decrease in some risks in the Middle East.
The American president said Joe Biden On Friday there is an opportunity to “deal with Israel And Iran in a way that ends the conflict for a period of time.”
This morning, China lowered its benchmark lending rates as expected, as part of a broader package of stimulus measures to revive the economy.
Data on Friday showed that the economy China It grew in the third quarter at the slowest pace since early 2023, raising growing concerns about demand for Oil.
The company’s CEO said Saudi Aramco At an energy conference in Singapore today, he said he remains “somewhat optimistic” about Chinese demand for oil in light of intensified policy support aimed at boosting growth, as well as rising demand for jet fuel and the conversion of crude oil into chemicals.
“Geopolitical tensions in the Middle East and positive comments about oil demand from Aramco’s CEO are likely to support oil prices,” said Giovanni Stanovo, an analyst at UBS.
The US Energy Information Administration said on Friday that oil field production rose 100,000 barrels per day to an unprecedented level of 13.5 million barrels per day during the week ending October 11.
