WTI crude for November delivery was last seen up US$1.34 to settle at US$70.56 per barrel, while December Brent crude, the global benchmark, was last seen up US$1.23 to US$74.29.

The rise comes as The People's Bank of China on Monday lowered its benchmark interest rate to 3.1% from 3.35%, according to the Financial Times, as the country attempts to reach its 5% target for GDP growth this year after last week reporting 4.6% growth for the third quarter.

The rate cut is China's latest attempt to boost an economy weighted down by a debt crisis in its key real-estate sector, weak consumer spending and rising unemployment . The country's oil demand, which rose by one-million barrels per day in 2023, is expected to rise by just 0.1-million bpd this year and 0.3-million bpd in 2025, according to the Energy Information Administration, on a weakening economy and a transition to renewable energy.

"As much as oil watchers still suffering from a bullish bent are pleased to see something of a rekindling in the idea of a change of China's fortunes due to stimulus and the like, there remain warnings of a fall from grace for Heating Oil, Gasoil and Diesel," PVM Oil Associates noted.

Still, China's measures are offering support for oil after West Texas Intermediate prices fell by 8% last week amid easing worries Israel will strike at Iran's energy infrastructure as it continues to weigh its response to that country's Oct.1 missile attack. Demand remains light and OPEC+ is poised to begin adding 180,000 bpd to the market monthly beginning in December as its unwinds 2.2-million bpd of voluntary production cuts.

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