Oil prices rose in choppy trade on Monday after rising sharply last week on signs of tight supply and data showing a drop in U.S. crude inventories.
Benchmark Brent crude futures rose half a percent to $81.25 a barrel, while WTI crude futures were up 0.7 percent at $77.59.
Brent crude contracts rallied 1.5 percent last week and WTI contracts jumped 2 percent, following speculation of more stimulus in China and recent announcements by Saudi Arabia and Russia about crude output reductions.
While signs of tight supply supported prices, fears of more rate hikes and the possibility of a recession in developed economies served to cap overall upside.
The Federal Reserve's interest-rate decision is due on Wednesday, followed by the European Central Bank (ECB) on Thursday and the Bank of Japan (BOJ) on Friday.
A 25-bps hike in the Fed funds rate is fully priced in, with investors likely to watch for any hints on the central bank's future moves.
The ECB is also expected to raise borrowing costs by 25 bps and reiterate its commitment to continue the current hiking cycle.
Growth worries returned to the fore after the latest business surveys suggested worsening economic conditions in the euro zone.
Elsewhere, traders await the outcome of China's Politburo meeting this week after more liquidity troubles surfaced in China's property sector last week.
