Investing.com - Oil edged higher on Monday as investors prepared for a week of important economic indicators, but prices remained range-bound on indications that the world's stored oil was nearing capacity, stoking a persistent supply glut.
U.S. crude was last up 0.43%, at $44.8 a barrel while Brent rose 0.27% to $48.12 a barrel at 13.00.
Investors were awaiting the outcome of this week's two-day policy meeting of the U.S. Federal Reserve, just days after China's surprise fourth interest rate cut this year sent shockwaves through markets.
Many oil market experts remained bearish about the outlook for prices, however, as signals strengthened of a widening supply glut which has already caused crude to lose more than half of its value since June 2014.
Meanwhile, Fatih Birol, executive director of the International Energy Agency said Monday that investment in the sector in 2016 is likely to decline further after sliding this year due to low oil prices