Oil prices rebound on improving Chinese data

WASHINGTON (dpa-AFX) – Oil prices rose around 1% on Monday as investors cheered encouraging Chinese industrial production figures and kept a close eye on the ongoing conflict in the Middle East.

Benchmark Brent crude futures jumped 0.9 percent to $72.47 in European trading while WTI crude futures rose 0.9 percent to $68.62 .

Official and private PMI figures released over the weekend highlighted the effectiveness of recent policy measures taken by Beijing to support the Chinese economy.

Last week, Chinese government advisers reportedly called for a 5% growth target for 2025 and stressed the need for additional stimulus measures to boost domestic demand and counter possible U.S. tariffs.

Market participants expect the Chinese government to announce further stimulus measures at the Central Economic Work Conference later this month.

Geopolitically, Israel has resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.

The Israeli military confirmed it carried out several strikes in Lebanon over the past two days, describing the actions as efforts to “thwart” violations of the ceasefire agreement with Hezbollah.

Elsewhere, at least 25 people were killed in northwest Syria in airstrikes carried out by the Syrian government and Russia.