SINGAPORE, July 10 (Reuters) - Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses.
"Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said.
However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said.
"The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market," said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy.
U.S. oil rigs fell by five to 540 last week, lowest since April 2022, according to a Baker Hughes report on Friday.
Persons:
Tina Teng, China's, Mukesh Sahdev, Morgan, Tony Sycamore, Baker Hughes, Florence Tan, Emily Chow, Tom Hogue, Stephen Coates
Organizations:
Brent, U.S . West Texas, U.S . CPI, CMC, Rystad Energy, OPEC, Federal Reserve, U.S . Commodity Futures Trading Commission, Thomson
Locations:
SINGAPORE, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC