• WTI could receive support as PBoC rate cuts could stimulate China’s economic activity, potentially increasing Oil demand.
• US President Joe Biden stated that there is an opportunity to end the conflict between Israel and Iran for a while.
• Shell and Singapore's Maritime and Port Authority have implemented clean-up measures in response to a leak from a land-based pipeline.

West Texas Intermediate (WTI) Oil price edges higher following a more than 7% decline registered in the previous week, trading around $68.90 per barrel during the Asian hours on Monday. However, the downside may be limited as rate cuts in China, the largest Oil importer, are expected to stimulate domestic economic activity, potentially increasing demand for Oil. The People's Bank of China (PBoC) lowered the 1-year Loan Prime Rate (LPR) to 3.10% from 3.35% and the 5-year LPR to 3.6% from 3.85%, aligning with expectations.

However, crude Oil prices received downward pressure, partly due to slowing economic growth in China. On Friday, China’s Gross Domestic Product (GDP) grew at an annual rate of 4.6% in the third quarter of 2024, slightly down from the 4.7% growth recorded in the second quarter but surpassing market expectations of 4.5%.