Oil prices rise on demand prospects

Oil drilling rigs

Oil prices rose on Monday, recouping the last week's sharp losses, as positive demand-side pressures were assessed amid the continued risk of escalation in the Middle East.

Brent crude futures for December delivery leapt 1.70%, or $1.23, to settle at $74.29 a barrel.

Similarly, New York Mercantile Exchange (NYMEX) futures for November delivery jumped 1.95%, or $1.34, to $70.56 per barrel.

The dollar index, which measures the dollar against a basket of major currencies, rose 0.50% to 104 points, at 10:33 pm Makkah time.

Saudi Aramco President and CEO Amin Nasser said the company is fairly bullish on China and oil demand, especially in light of the government's stimulus package.

The International Energy Agency expected an oversupply in 2025, driven by supplies from non-OPEC+ members as well as weak demand in China.