Investing.com - Crude oil futures were higher on Monday, as investors cheered a pair of upbeat reports on the Chinese manufacturing sector.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD93.13 a barrel during European morning trade, 0.45% higher.
New York-traded oil futures held in a range between USD92.65 a barrel, the daily low and a session high of USD93.30 a barrel.
The January contract settled up 0.46% on Friday to end at USD92.72 a barrel.
Oil futures were likely to find support at USD91.77 a barrel, the low from November 27 and resistance at USD93.90 a barrel, the high from November 29.
China's final HSBC Purchasing Managers Index released earlier in the day inched up to 50.8 in November from a preliminary reading of 50.4, above expectations for 50.5.
The upbeat data was published one day after a government report showed that China's manufacturing purchasing managers' index held steady at an 18-month high of 51.4 in November, compared to forecasts for a decline to 51.1.
China is the world's second largest oil consuming nation and manufacturing numbers are used as indicators for fuel demand growth.
Gains were limited as traders remained concerned over rising U.S. inventories and increased production levels.
U.S. crude oil inventories totaled 391.4 million barrels as of last week, the most since June, while domestic output hit 8.02 million barrels a day, the highest level in almost 25 years.
Investors now looked ahead to key U.S. economic data later in the week to further gauge the strength of the economy and the need for stimulus.
The Institute of Supply Management was to release its manufacturing PMI later in the day. Investors are also focusing on Thursday's third quarter gross domestic product report as well as Friday's November nonfarm payrolls report.
The Federal Reserve, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Market players are also looking ahead to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week. OPEC is forecast to keep its supply target unchanged at 30 million a day on December 4.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for January delivery rose 0.55% to trade at USD110.30 a barrel. The spread between the Brent and U.S. crude contracts stood at USD17.17 a barrel.
London-traded Brent futures remained supported amid ongoing concerns over a disruption to supplies from Libya.
