Oil prices rise slightly after last week’s 7 per cent decline

Oil prices edged up in Asian trading on Monday, following a more than 7 per cent drop last week on worries about demand in China, the world’s top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.

Brent crude futures rose 27 cents, or 0.37 per cent, to $73.33 a barrel by 0625 GMT. US West Texas Intermediate crude futures gained 31 cents, or 0.45 per cent to $69.53 a barrel.

The gains represented less than 5 per cent of the dollar value both contracts lost last week.