During the Asian session on Monday, oil prices rose as the market expected the USA to cut interest rates this week, but the continuous demand concerns and other factors limited the gains. In November, Brent crude futures and October WTI futures both closed lower on the previous trading day, as crude oil production in the Gulf of Mexico recovered after Hurricane Franklin and data showed an increase in the number of drilling rigs in the USA, easing concerns about supply disruptions. Nevertheless, about one-fifth of crude oil production and 28% of natural gas production in the Gulf of Mexico remain shut down. Phillip Nova's Senior Market Analyst, Priyanka Sachdeva, stated that the market is focused on the upcoming Fed rate decision, and traders may remain cautious. With some production capacities in the Gulf of Mexico still shut down, supply concerns continue to support oil prices. Lower interest rates typically reduce borrowing costs, boosting oil demand. However, Kelvin Wong, Senior Market Analyst at Oanda, mentioned that a 50-basis-point rate cut by the Fed could raise concerns about oil demand.