Oil prices continued to climb on Monday, driven by rising concerns over potential supply disruptions from Middle Eastern producers.
As of 03:30 GMT, Brent crude futures for November delivery rose by 51 cents, or 0.71 percent, reaching $72.49 a barrel. This contract is set to expire on Monday, while the more active December contract increased by 50 cents, or 0.7 percent, to $72.04.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 43 cents, or 0.63 percent, bringing the price to $68.61 a barrel.
Read more: Oil prices steady amid Libyan production hopes, strong U.S. demand
Last week, Brent saw a decline of around 3 percent, while WTI dropped roughly 5 percent as concerns over demand grew, particularly after China’s fiscal stimulus measures—coming from the world’s second-largest economy and leading oil importer—failed to bolster market confidence.
However, on Monday, prices found support from fears of an escalating conflict in the Middle East.
Later in the day, investors will be looking for insights from Federal Reserve Chair Jerome Powell regarding the pace of monetary easing, with seven other Fed officials scheduled to speak throughout the week, Reuters reported.
Additionally, data on job openings, private hiring, and ISM surveys for manufacturing and services are expected to be released.
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