Crude oil inched higher in early Asia on Monday as investors focused on prospects for growth-driven demand in China and Europe in data sets later this week.
On the New York Mercantile Exchange, crude oil for delivery in November rose 0.14% to $45.09 a barrel.
On the ICE Futures Exchange in London, Brent oil for November delivery tumbled $1.61, or 3.28%, to close the week at $47.47 a barrel.
In the week ahead, investors will be turning their attention to Wednesday’s index of manufacturing activity from China and surveys on private sector activity from the euro zone for a fresh indication on the strength of the global economy.
Market players will also be focusing on U.S. durable goods data as well as reports on U.S. home sales for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.
On Monday, the U.S. is to release a report on existing home sales.