2023.10.0209:54:00UTC+00Oil Prices Rebound In Cautious Trade

Oil prices recovered some ground on Monday, after having fallen about 1 percent on Friday due to profit taking and uncertainty about the outlook for energy demand.

Benchmark Brent crude futures rose 0.4 percent to $92.60 a barrel in European trade ahead of the OPEC+ meeting taking place this week.

The group is set to review the impact of their production cuts on the market and the way forward. WTI crude futures were up half a percent at $91.25.

Oil prices ticked higher today as improved China data and relief over U.S. lawmakers reaching a deal to avert a government shutdown helped improve the outlook for fuel demand.

Overall gains were capped by a stronger dollar as investors await key U.S. manufacturing data and Fed Chair Jerome Powell's speech later today for direction.

China's manufacturing activity expanded for the first time in six months in September, official data showed over the weekend even as a private gauge of manufacturing activity slowed its pace of expansion.

Elsewhere, factory activity data from Japan, the euro zone and U.K. disappointed investors.

Meanwhile, fears of a U.S. government shutdown eased after the U.S. Congress passed a stopgap funding bill late on Saturday with overwhelming Democratic support to fund the government through November 17.

Lawmakers must now wrangle a separate bill on $24 billion in military assistance to Ukraine that Biden wanted in the budget.