WASHINGTON (dpa-AFX) - Oil prices rose about 1 percent on Monday as investors cheered encouraging factory output figures from China and kept a close eye on the ongoing conflict in the Middle East.
Benchmark Brent crude futures jumped 0.9 percent to $72.47 in European trade while WTI crude futures were up 0.9 percent at $68.62.
Both official and private PMI numbers released over the weekend underscored the effectiveness of Beijing's recent policy measures to bolster the Chinese economy.
Last week, Chinese government advisers reportedly called for a 5 percent growth target for 2025 and emphasized the need for additional stimulus to boost domestic demand and counter potential U.S. tariffs.
Market participants expect the Chinese government to announce new stimulus at the Central Economic Work Conference later this month.
On the geopolitical front, Israel has resumed attacks on Lebanon despite a ceasefire pact, stoking tensions in the Middle East.
Israel's military confirmed that it had carried out several strikes in Lebanon over the past two days, describing the actions as efforts to 'thwart' violations of the ceasefire agreement with Hezbollah.
Elsewhere, at least 25 people were killed in northwestern Syria in air strikes carried out by the Syrian government and Russia.
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