Oil prices steadied in early Asian trading on Tuesday following a more than 7% drop last week due to concerns over Chinese demand and easing fears of supply disruptions in the Middle East.
Brent crude futures rose by 8 cents, or 0.11%, to $73.14 a barrel, while US West Texas Intermediate (WTI) crude futures increased by 10 cents, or 0.14%, to $69.32 a barrel.
Last week, Brent crude fell over 7%, and WTI dropped about 8%, marking the largest weekly decline for both benchmarks since early September. The decline was driven by slowing economic growth in China, the world’s largest oil importer, and reduced supply risks in the Middle East.
China cut its benchmark lending rates as expected, part of a broader stimulus effort to revive its economy. Data released last Friday showed China’s economy grew at its slowest pace in the third quarter since early 2023, raising concerns about future oil demand.
