Oil prices rose in early trade on Monday as investors continued to watch for signs of a U.S. interest rate cut cycle expected to begin in September.
By 0035 GMT, Brent crude futures were up 48 cents, or 0.57%, at $83.10 a barrel. West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.52%, at $80.55 a barrel.
The US Federal Open Market Committee holds its next meeting on interest rates on July 30 and 31, during which investors expect the bank to maintain interest rates, while looking for any indications of a rate cut this year.
On the political side, US President Joe Biden announced his withdrawal from the presidential election race yesterday, Sunday, after pressure from his fellow Democrats, and expressed his support for his deputy, Kamala Harris, as the Democratic Party's candidate to run against Donald Trump in the elections in November.
China's slower-than-expected economic growth of 4.7% in the second quarter raised concerns last week about the impact on oil demand in the country, while continuing to pressure prices.
