Investing.com - Crude oil prices gained in Asia on Monday with investors focused on fairly busy week of data points on supply and demand.
U.S. West Texas Intermediate (WTI) crude futures rose 0.26% to $49.42 a barrel by close of trade, while Brent crude gained 0.20% to $55.73 a barrel.
Markets in Japan shut and China comes back from a week-long holiday.
In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to further weigh what the impact of recent storm activity was on supply and demand.
The reports come out one day later than usual due to the U.S. Columbus Day holiday on Monday.
Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global oil supply and demand levels.
The data will give traders a better picture of whether a global rebalancing is taking place in the oil market.
The market is also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer.
This week, Wednesday’s Fed minutes will be in focus for fresh indications on the timing of the next U.S. rate hike. Friday’s U.S. data on inflation and retail sales will also be in focus.
Last week, oil prices plunged on Friday, snapping a multi-week bull run amid renewed oversupply concerns, with investor attention shifting to a potential disruption to crude production and refining capacity in the Gulf of Mexico as Tropical Storm Nate bore down on the region.
The U.S. Gulf is home to around 17% of the country’s crude oil production, while more than 45% of U.S. oil refining capacity is along the Gulf Coast.
Prices were supported earlier in the week as traders weighed the likelihood that OPEC-led production cuts will be extended through next year in the wake of a meeting between Saudi King Salman and Russian President Vladimir Putin in Moscow.
The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.
The cartel's next meeting is set for November 30 in Vienna.