Oil prices dip as US crude stocks and weak Chinese data weigh

LONDON: Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon.

Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract is set for a monthly decline of about 0.5%.

U.S. West Texas Intermediate (WTI) crude futures were down 48 cents at $54.58. On the month, however, they are set for a rise of about 0.9%, its biggest monthly gain since June.