Oil Prices Rise

Oil prices rose on Monday, paring last week's loss, on fears of a widening conflict in the Middle East. Brent crude futures gained 20 cents, or 0.3%, to $81.33. US West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel. Last week, Brent lost 1.8% while WTI fell 3.7% on sagging Chinese demand. On the demand side, data released earlier this month showing that China's total fuel oil imports dropped 11% in the first half of 2024 have raised concern about the wider demand outlook in China, the world's biggest crude importer. Source: Qatar News Agency