Oil prices slip ahead of data pointers on impact of coronavirus on demand (Tradelinecommoditycom) 9719098555/ 8057445599

By Florence Tan

SINGAPORE (Reuters) – Oil prices edged lower on Monday as investors brace for economic data in Asia due this week that should give a reading on how China’s coronavirus epidemic has affected oil demand.

Brent crude (LCOc1) was at $56.99 a barrel, down 33 cents by 0121 GMT after rising 5.2% last week, the biggest weekly gain since September 2019.

U.S. West Texas Intermediate crude (CLc1) fell 13 cents to $51.92 a barrel, after a 3.4% gain last week.

The weekly gains, the first since early January, were spurred by hopes that stimulus measures taken by China to support its economy amid the coronavirus outbreak could lead to a recovery in oil demand in the world’s largest importing country.

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