Oil prices open the week's trading with strong gains exceeding 2%.

Crude oil prices experienced a significant increase during trading today, Monday, rising by nearly 2%, reflecting growing optimism regarding a recovery in global demand for crude oil in the coming period, especially from China.

Performance of Crude Oil Prices Today:

U.S. oil futures recorded a decrease of 2.01%, bringing the price per barrel to around $70.16. Meanwhile, Brent crude contracts increased by 1.65%, reaching $74.35 per barrel.

Reasons for the Rise in Crude Oil Prices in the Week's Initial Trading:

Oil prices have clearly increased alongside optimism in the markets regarding Chinese demand for crude oil, as China is the world's largest oil consumer. This rise follows the People's Bank of China's decision today to lower interest rates by more than market expectations.

The People's Bank of China, headed by Governor Pan Gongsheng, announced early this morning a reduction in the Loan Prime Rate (LPR), which directly supports mortgages and helps revive demand in the debt-laden sector.

The bank has cut the one-year loan prime rate by 25 basis points to 3.10%, while also lowering the rate on five-year loans to 3.60%, as expected. This decision enhances optimism about the recovery of Chinese economic growth this year, which has contributed to supporting crude oil prices during trading.

Additionally, the CEO of Saudi Aramco, Amin Nasser, made positive remarks about oil demand in China, expressing his optimism regarding demand in light of the government stimulus package aimed at boosting growth in the second-largest economy in the world.

Overview of Other Commodities:

In terms of other commodities, heating oil contracts rose by 1.79%, reaching approximately $2.1907, while gasoline contracts increased by 1.94%, reaching around $2.0408. Meanwhile, natural gas contracts recorded an increase of 2.57%, reaching $2.316 per million British thermal units.

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