London: Oil prices saw a modest recovery in early Monday trading following a significant drop of over 7% last week. The stabilization comes amid ongoing concerns about weakened demand from China, the globe's top oil importer, and reduced anxieties over potential supply interruptions in the Middle East. According to National Iraqi News Agency, Brent crude futures experienced a slight increase of eight cents, reaching $73.14 a barrel by 01:20 GMT. Similarly, US West Texas Intermediate (WTI) crude futures saw a rise of ten cents to $69.32 a barrel. The previous week witnessed substantial declines in both benchmarks, with Brent crude dropping more than 7% and WTI crude approximately 8%. This marked the largest weekly decrease since September 2, primarily driven by slowing economic growth in China and a diminishing risk premium in the Middle East. In response to the economic downturn, China implemented cuts to its benchmark lending rates earlier today as part of a series of stimulus measures aimed at rejuvenatin g its economy. Additionally, on the supply side, the U.S. saw a reduction in the number of oil and natural gas rigs, according to a recent report by energy services firm Baker Hughes. Last week, the total rig count decreased by one, settling at 585, marking the fourth reduction in five weeks. This adjustment in the number of operational rigs reflects broader trends affecting the oil market, including strategic production decisions influenced by global economic signals.