BEIJING, Oct 21 Reuters Oil prices edged up in Asian trading on Monday, following a more than 7 drop last week on worries about demand in China, the world39;s top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.
Brent crude futures rose 27 cents, or 0.37, to 73.33 a barrel by 0625 GMT. U.S. West Texas Intermediate crude futures gained 31 cents, or 0.45 to 69.53 a barrel.
The gains represented less than 5 of the dollar value both contracts lost last week. Brent had settled down more than 7 lower last week, while WTI lost around 8.
That marked the contracts39; biggest weekly declines since Sept. 2, on slowing economic growth in China and falling risk premiums in the Middle East.
Saudi Aramco39;s CEO told an energy conference in Singapore on Monday that he is still fairly bullish on China39;s oil demand in light of stepped up policy support aimed at boosting growth, and because of rising demand for jet fuel and liquidtochemicals.
China on Monday morning cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy.
Data on Friday had shown that China39;s economy grew at the slowest pace since early 2023 in the third quarter, fuelling growing concerns about oil demand.
U.S. President Joe Biden said on Friday there was an opportunity to deal with Israel and Iran in a way that ends the conflict for a while.
The conflict in the Middle East however intensified over the weekend…