Oil prices rose slightly in Monday's trade as investors awaited further stimulus from interest rate cuts by the US central bank expected to take place in September.
Brent oil futures for September rose 0.53% to $83.07 a barrel and West Texas Intermediate (WTI) rose 0.51% to $80.54 a barrel.
Since the Fed meeting in June, inflation and labor market data have signaled that disinflation is beginning. Markets expect the Fed to begin its rate cycle in September.
The next FOMC meeting expected at the end of July will be the focus of oil investors and they expect the central bank to keep interest rates on hold pending further data.
As oil prices rise, the market's focus will turn to the US Personal Consumer Expenditure (PCE) data released this week.
The market will also watch the PMI report for July, second quarter GDP and weekly jobless claims data which will provide a clear picture of the Fed's rate cut trajectory.
Also, China's slower-than-expected economic growth of 4.7 percent in the second quarter fueled concerns last week over the country's oil demand, which continued to weigh on prices.
On Sunday, China released a policy document outlining its goals from developing advanced industries to improving the business environment.
However, analysts see no signs of structural change in the world's second largest economy.
