Backed by positive industrial activity in China, the world's second largest oil consumer, oil prices rose slightly on Monday. In addition, Israel has resumed its attacks on Lebanon despite a ceasefire agreement, thus reviving tensions in the Middle East

Brent rose 8 cents, or 0.1%, to $71.92 per barrel at 0107 GMT, while the American West Texas Intermediate was at $68.09 per barrel, up 9 cents, or 0.1%.

Prices rose after an official investigation showed that Chinese factory activity grew modestly for a second consecutive month in November, suggesting that a stimulus blitz is finally creeping in just as Donald Trump intensifies his trade threats.

"Data on China is helping, but I think it's also due to concerns about the ceasefire between Israel and Lebanon,” said Tony Sycamore, a Sydney-based market analyst at IG.

A truce between Israel and Lebanon went into effect on Wednesday, but both sides accused each other of violating the ceasefire.

The Organization of Petroleum Exporting Countries and their allies, known as OPEC+, has postponed its meeting to December 5 and is discussing delaying the increase in oil production scheduled for January, OPEC+ sources told Reuters last week. This week's meeting will decide on the policy to be followed for the first few months of 2025

Brent is expected to average $74.53 per barrel in 2025, with China's economic weakness darkening the demand picture and the abundance of global supply outweighing the support provided by the expected delay in an expected increase in OPEC+ production, according to a monthly oil price survey conducted by Reuters on Friday.