WTI crude oil futures saw a 2.2% rise, building on a nearly 2% increase from the previous session. The November delivery price for WTI increased by $1.53, or approximately 2.17%, settling at $72.09 per barrel.
Brent crude futures for December delivery also experienced a gain, rising by $1.75 or 2.36%, to close at $76.04 per barrel. This rebound follows a significant sell-off last week.
The market remains focused on escalating tensions between Israel and Iran, which could impact oil supplies from the Middle East. Meanwhile, weak international market demand continues to exert downward pressure on oil prices.
Additionally, China's decision to lower the benchmark loan rate on Monday has provided some support to the futures market.
