Oil futures rose on Monday, bouncing after losing ground in a choppy November in response to a cease-fire between Israel and Iran-backed Hezbollah.

Oil prices have been under pressure from high interest rates, a strong dollar, and high U.S. oil production. OPEC could extend oil production cuts to support prices.

Oil prices have risen due to stronger-than-expected Chinese factory activity and ongoing geopolitical tensions in the Middle East, while OPEC+ is expected to maintain production cuts.

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.

Oil prices were rising in early European trade, supported by Chinese factory activity growth and expectations that OPEC+ will further delay its planned output hike at a meeting this week. Benchmarks Brent crude and WTI were both up 0.

U.S. and global benchmark crude prices settled mixed after a cease-fire between Israel and Iran-backed Hezbollah eliminated much of the remaining risk premium around a wider Middle Eastern conflict.