Oil prices rose in early trading on Monday, as investors watch for signs of a cycle of rate cuts in the United States, which is expected to begin in September, UNN writes with reference to Reuters.
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At 00:35 GMT, Brent crude oil prices rose by 48 cents, or 0.57%, to $83.10 per barrel, and West Texas Intermediate futures rose by 42 cents, or 0.52%, to $80.55.
"Since the June FOMC meeting, inflation and labor market data have signaled that deflation and labor market rebalancing have already begun, which we expect will allow the Fed to begin a cycle of interest rate cuts in September," ANZ Research said in a report.
The US Federal Reserve will hold its next Federal Open Market Committee (FOMC) meeting on interest rates on July 30-31, where investors expect the Fed to keep rates unchanged while also expecting some signals of a cut to come later this year.
On the political front, US President Joe Biden dropped his re-election bid on Sunday under pressure from fellow Democrats and endorsed Vice President Kamala Harris as the party's candidate to face Republican Donald Trump in November.
China's slower-than-expected economic growth of 4.7% in the second quarter raised concerns last week about the country's demand for oil and continues to put pressure on prices.
On Sunday, China released a policy document outlining well-known ambitions, from developing advanced industries to improving the business environment, with analysts seeing no signs of imminent structural shifts in the world's second-largest economy.