Oil prices increased on Monday as a result of China's actions to support its struggling economy, but investors are still concerned about the rate of growth and potential demand-diminishing future increases in U.S. interest rates.

Brent crude advanced by 0.8% to $85.13 per barrel meanwhile US WTI added 0.6% to $80.28.

In its most recent effort to support faltering markets, China cut the stamp duty on stock transactions in half. The market is also keeping a close eye on Tropical Storm Idalia and any threat it may pose to the Gulf of Mexico's oil and gas production.

Today's focus is on "China's economic stimulus measures, Tropical Storm Idalia's approach to Florida, and whether Brent can pick up steam on a break above $85," according to Ole Hansen, head of commodity strategy at Saxo Bank.

The latest information indicated that Idalia was becoming more intense as it neared Cuba. According to IG market analyst Tony Sycamore, the most likely effect will be a day or two of power interruptions. According to him, this "should see some short-term shore up for the oil price."

With help from declining oil stocks and supply restrictions from the OPEC+ group of oil producers, oil prices have held over $80 per barrel.