U.S. crude oil experiences a 2% rebound in price following a week of decline.

• Oil prices rose after China cut its benchmark lending rate.
• The CEO of Saudi Aramco, Amin Nasser, expressed a positive outlook on global demand, stating that he is "fairly optimistic" about the economic situation.

On Monday, U.S. crude oil futures experienced a more than 2% increase, recovering some of the losses incurred during last week's sharp decline.

Last week, the U.S. benchmark finished more than 8% lower as traders increasingly believe that Israel-Iran tensions will not result in an oil supply disruption in the Middle East.

After China reduced its benchmark lending rate, prices increased on Monday. Saudi Aramco CEO Amin Nasser stated that he is still optimistic about demand in the world's second largest economy.

Here are Monday's energy prices:

• The November contract price for crude oil is $70.82 per barrel, representing a $1.60 increase, or over 2%. To date, the US crude oil market has experienced a roughly 1% decline.
• The December contract price for oil is $74.50 per barrel, which represents a 2% increase from the previous month. Despite this, the global benchmark has decreased more than 3% year to date.
• The price of gasoline in October was $2.043 per gallon, which represents a 2.1% increase. However, year to date, gasoline has experienced a nearly 3% decline.
• The October contract price for gas is $2.326 per thousand cubic feet, representing a 3% increase. To date, gas prices have fallen more than 7%.

The focus of the oil market has shifted back to supply and demand fundamentals, as consumption in China is expected to soften and supplies are predicted to rise.

In 2025, Morgan Stanley predicts a surplus of 1.3 million barrels per day due to decreased demand in China, OPEC's plan to increase production in December, and the US's continued high crude production rate.