BENGALURU, Dec 26 (Reuters) - Indian shares were set for a muted start on Monday due to the rise in oil prices and U.S. data that showed the Federal Reserve would likely not be dissuaded from continuing interest rate hikes.

India's NSE stock futures listed on the Singapore exchange were up 0.15% at 17,890.50, as of 7:45 a.m. IST.

Wall Street equities settled to a moderately higher close on Friday after data showed U.S. consumer spending barely rose in November, while annual inflation increased at its slowest pace in 13 months.

However, demand is probably not cooling fast enough to discourage the Fed from rate hikes next year, which may end up pushing the economy into a recession.

Asian markets were off to a mixed start in the last week of the year, with the MSCI Asia ex-Japan index down 0.04%.

Adding to concerns in domestic equities could be oil prices, which rose after Russia said it could cut crude output in response to the G7 price cap on Russian exports. Brent crude hovered around $84.

Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill.

Foreign institutional investors sold 7.07 billion rupees ($85.4 million) worth of equities on a net basis on Friday, while domestic investors bought about 34 billion rupees ($410.6 million) worth of shares, as per provisional NSE data.

Stocks To Watch:

** New Delhi Television: Adani Group will control 64.71% of NDTV after the broadcaster's founders decide to sell 27.26% of their stake.

** HDFC: IFC to invest in the company via a $400 million loan.

** Tata Motors: Delhi Transport Corporation signs a definitive agreement for operating 1,500 electric buses.

** United Breweries: National Company Law Appellate Tribunal (NCLAT) upheld a Competition Commission of India order imposing a 7.52 billion rupees fine on the brewer for price-coordination in the beer market in India.

** ICICI Bank: Former CEO of the bank Chanda Kochhar arrested in a loan fraud case. ($1 = 82.8700 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)