Oil drops on weak corporate data out of China

TOKYO: Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices.

Brent crude was down 34 cents, or 0.4%, at $61.79 a barrel by 0531 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20.

West Texas Intermediate (WTI) crude futures were down 27 cents, 0.5%, at $56.39 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.