America News Agency

Brent crude futures for November delivery increased 16 cents, or 0.22 percent, to $72.14 a barrel, while the more active contract for December delivery gained 10 cents, or 0.14 percent, to $71.64. U.S. West Texas Intermediate (WTI) crude futures CLc1 added 8 cents, or 0.12 percent, to $68.26 a barrel.

Last week, Brent fell around 3 percent, while WTI fell by around 5 percent as demand worries increased after fiscal stimulus from China, the world’s second-biggest economy and the top oil importer, failed to reassure market confidence.

However, prices on Monday were supported by the possibility of a widening Middle East conflict involving Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel increased its attacks on the militant groups Hezbollah and the Houthi that Iran backs.

Israel said it bombed Houthi targets in Yemen on Sunday, expanding its confrontation with Iran’s allies two days after killing Hezbollah leader Sayyed Hassan Nasrallah in an escalating conflict in Lebanon.

Later on Monday, markets will wait to hear from Federal Reserve Chair Jerome Powell for clues on the Fed’s speed of monetary policy easing. Seven other Fed policymakers are due to speak this week.

Still, prices remain under pressure as OPEC and its allies, known as OPEC+, plan to raise output by 180,000 barrels per day in December, and oil exports from Libya are also expected to return.