Oil prices remained near their six-week low as positive economic data from China helped alleviate concerns about demand from the world’s largest oil importer ahead of this week’s “OPEC+” meeting. Brent crude traded above $81 per barrel after falling 1.5% on Friday, resulting in a third consecutive weekly decline, while West Texas Intermediate neared $77.

Industrial profits in China grew at a faster pace in June compared to May, reflecting resilience in the manufacturing sector of Asia’s largest economy.

Oil prices have remained moderately high this year, supported by supply discipline from “OPEC+” and expectations that the U.S. Federal Reserve is nearing reducing borrowing costs.

The U.S. central bank is set to announce its interest rate decision on Wednesday, followed by a meeting of key members of the Organization of the Petroleum Exporting Countries “OPEC” and its allies online amid market divisions over potential production level changes.

Traders will also monitor developments in the Middle East after Israel attacked Hezbollah targets and threatened further retaliation for a previous rocket attack that killed 12 children, while also expressing openness to a proposed truce in Gaza.

 Vivek Dhar, an analyst at Commonwealth Bank of Australia in Melbourne, stated that overall concerns about China’s economy have impacted energy commodity prices and that demand concerns are likely to give way to increasing geopolitical risks in the Middle East early this week as the conflict between Israel and Hezbollah escalates.