Oil prices rebounded after falling sharply and ended on a firm note on Monday, amid concerns about supplies.
A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside.
The Federal Reserve is widely expected to announce another 75-basis point hike in interest rates this Wednesday.
The Bank of England, the Bank of Japan, The People's Bank of China, and the Swiss National Bank are also scheduled to announce their rate decisions this week.
West Texas Intermediate Crude oil futures for October ended higher by $0.62 or about 0.7% at $85.73 a barrel, rallying from a low of $82.10 a barrel.
Brent crude futures for November settled at $92.01 a barrel today, gaining $0.66 or about 0.73%.
According to reports, the OPEC and allies led by Russia, known as OPEC+, fell short of its oil production target by 3.583 million barrels per day in August. The group had missed its target in June as well, falling short by nearly 2.9 million barrels per day.
