Oil prices rose on Monday as concerns grew about possible supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces.
Brent crude futures for November delivery rose 16 cents, or 0.22%, to settle at $72.14 a barrel. That contract expires on Monday and the contract for December delivery rose 10 cents, or 0.14%, to $71.64.
U.S. West Texas Intermediate crude futures added 8 cents, or 0.12%, to $68.26 a barrel.
Last week, Brent fell about 3%, while WTI fell about 5% as demand concerns rose after fiscal stimulus from China, the world’s second-largest economy and top oil importer, failed to confirm market confidence.
However, prices are under pressure as OPEC and its allies, known as OPEC+, plan to raise output by 180,000 barrels a day in December, and oil exports from Libya are also expected to resume.
