Prices rose slightly in Asian trading on Monday after falling more than 7% last week as demand concerns in China, the world’s largest oil importer and concerns about possible supply disruptions in the Middle East eased.

Brent crude futures rose 27 cents, or 0.37%, to $73.33 a barrel by 0625 GMT. WTI oil futures rose 31 cents, or 0.45%, to $69.53 a barrel.

The gains represented less than 5% of the dollar value both contracts lost last week. Brent settled more than 7% lower, while WTI lost around 8%.

That marked the biggest weekly decline in contracts since Sept. 2 as economic growth in China slowed and risk premiums in the Middle East fell.

Saudi Aramco’s chief executive said he was still optimistic about China’s oil demand, amid growing policy support aimed at boosting growth and rising demand for jet fuel and liquid chemicals.

Data on Friday showed China’s economy grew at its slowest pace since early 2023 in the third quarter, stoking growing concerns about oil demand.

China cut its benchmark lending rate on Monday morning as expected, part of a broader package of stimulus measures to boost the economy.

Biden said on Friday there was an opportunity to end the conflict between Israel and Iran for a while.

But the conflict in the Middle East intensified over the weekend, with Israel saying on Sunday it was preparing to attack sites in the Lebanese capital Beirut linked to Hezbollah’s financial operations.

On the supply side, U.S. energy firms reduced the number of operating oil and gas rigs for the fourth time in five weeks, according to a report Friday from Baker Hughes. The number of rigs fell by one to 585.