Oil prices rebounded after four days of losses as traders weighed production risks in the Middle East against concerns over a global oversupply. Brent crude neared $75 per barrel, while West Texas Intermediate approached $71. Earlier declines were driven by reports that Israel wouldn’t target Iran’s oil facilities after an October 1st attack. However, tensions increased with Israel intensifying strikes on Lebanon and an oil leak near an Iranian terminal raising concerns about the country's exports. Despite Middle East instability, rising non-OPEC production and weak demand growth could lead to a surplus next year, according to the IEA. Meanwhile, a U.S. crude stockpile drop and China's housing-policy updates are also being closely watched.
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