WASHINGTON (dpa-AFX) - Oil prices traded higher on Monday, after having slumped nearly 8 percent last week on demand concerns and after reports that a planned retaliatory attack by Israel on Iran won't target nuclear or oil facilities.
Benchmark Brent crude futures jumped 1.2 percent to $73.92 a barrel in European trade while WTI crude futures were up 1.3 percent at $69.58.
Geopolitical tensions remained in focus after Israel carried out more air strikes in Beirut and southern Lebanon, including on branches of a bank linked to Hezbollah.
Meanwhile, Hezbollah said it had fired more rockets into Israel on Sunday, targeting military bases.
On Saturday, a Hezbollah drone exploded next to Israeli Prime Minister Benjamin Netanyahu's private home.
Elsewhere, China's central bank once again cut interest rates and the country's banks slashed borrowing costs to combat the country's stubborn economic slump.
The People's Bank of China cut the one- and five-year LPRs by 25 basis points to 3.1 percent and 3.6 percent, respectively.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
