Optimism in Chinese Manufacturing Boosts Oil Prices

Crude oil futures saw a 1% increase on Monday, driven by a recent S&P Global report indicating a faster expansion in China's manufacturing sector during November. This surge in business activity has fueled optimism for increased demand from one of the world's largest oil consumers.

Middle East Tensions Further Elevate Oil Prices

Adding to the upward pressure on oil prices, ongoing tensions in the Middle East have escalated. Despite last week's ceasefire agreement with Hezbollah, Israel has continued its attacks on Lebanon, contributing to the region's instability and the subsequent rise in oil prices.

West Texas Intermediate (WTI) for January deliveries increased by 1.04% to $68.71 per barrel at 6:31 am ET. Meanwhile, Brent for February settlements climbed by 1.07%, selling for $72.60 per barrel at 6:35 am ET.