Investing.com - Crude oil prices gained in Asia on Monday as markets looked ahead to the Federal Reserve review of interest rates this week and mixed China data at the weekend was assessed.
On the New York Mercantile Exchange, crude oil for delivery in October rose 0.19% to $44.86 a barrel.
On Monday, the Organization of Petroleum Exporting Counties will publish its monthly assessment of oil markets.
In China at the weekend, data showed fixed asset investment rose 10.9%, just below the 11% seen, while industrial production gained 6.1%, below the 6.4% expected and retail sales rose 10.8%, above the 10.5% seen.
The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
China's slowing economy and global market volatility have created fresh uncertainty over whether the Federal Reserve will hike interest rates when it meets next week.
The turmoil in markets began when China unexpectedly devalued the yuan on August 11, sparking fears that the economy may be slowing at a faster than expected rate.
Last week, crude oil futures fell sharply on Friday, after Goldman Sachs (NYSE:GS) lowered its forecast for oil prices amid ongoing concerns over a global supply glut.
Influential Wall Street investment bank Goldman Sachs lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62, citing oversupply and concerns over China's economy.
"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note to investors.
Losses were limited amid indications U.S. oil drillers are cutting back on production following a collapse in prices over the summer.
Industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by 10 last week to 652, the second straight weekly decline.
Crude oil prices have been under heavy selling pressure in recent months, as ongoing concerns over a glut in world markets drove down prices.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
Elsewhere, on the ICE Futures Exchange in London, Brent for October delivery fell 75 cents, or 1.53%, to close at $48.14 a barrel. London-traded Brent futures lost $1.13, or 2.96%, on the week, amid fears of a China-led global economic slowdown.