WASHINGTON (dpa-AFX) - Oil prices were subdued on Monday, heading into this week's meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies.
Prices were flat to slightly lower in European trade after falling by 1.5 percent on Friday amid persistent concerns over top importer China.
Benchmark Brent crude futures dipped 0.3 percent to $80.03 a barrel while WTI crude futures were down 0.4 percent at $76.88.
The OPEC+ virtual meeting takes place on Thursday, and it is uncertain whether there will be any changes in production.
In its last meeting held in June, the oil cartel had decided to extend its voluntary production cuts till 2025.
A day before the OPEC+ meeting, the U.S. Federal Reserve is scheduled to announce its interest rate decision.
Investors are pinning hopes that the accompanying policy statement will provide hints on the likelihood of an interest rate cut in September.
Market participants also kept a close eye on the latest developments in the Middle East following a rocket strike in the Israeli-occupied Golan Heights.
The rocket strike killed 12 children and teens in what the military called the deadliest attack on civilians since Oct. 7.
Turkish President Recep Tayyip Erdogan escalated tensions with Israel on Sunday, suggesting the possibility of military action against the Jewish state amid ongoing conflict with the Iranian proxy group Hezbollah.
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