Oil futures rose on Monday, with upbeat manufacturing data from China lifting prospects for energy demand after a cease-fire between Israel and Iran-backed Hezbollah led to a drop in prices for the month of November.

Oil prices edged slightly lower on Friday and were on track to record a weekly loss as a ceasefire between Israel and Hezbollah eased geopolitical tensions, while Opec+ postponed its ministerial meeting amid an uncertain demand outlook.

Oil futures bounced Friday morning but remained on track for hefty weekly losses, feeling pressure after a cease-fire this week between Israel and Iran-backed Hezbollah helped soothe remaining worries over a wider conflict that could threaten crude supplies.