Oil steady as market awaits China GDP data

Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world’s second-largest oil consumer. Brent crude futures nudged 7 cents lower to $86.24 a barrel by 0746 GMT, while US West Texas Intermediate crude was at $82.47 a barrel, down 6 cents. Both contracts notched their fourth weekly gain last week - the longest-such streak since mid-2022. The release of China’s first-quarter gross domestic product (GDP) data this week is expected to be positive for commodity prices, with the International Energy Agency (IEA) forecasting it will account for most of 2023 demand growth. The data are due to be published at 0200 GMT on Tuesday. However, the IEA warned in its monthly report that the output cuts announced by Organization of the Petroleum Exporting Countries (OPEC+) producers risked exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery.