Oil markets dipped today as data on China showed a high trade surplus because of a fall in imports for January, raising fears of demand slowing down.

Brent fell 41 cents to $118.18 a barrel, while US crude slipped 36 cents to $99.48.

China’s crude oil imports rose 7.4% to 5.5 million barrels a day last month.

Meanwhile, investors remained cautious over euro zone despite a possible Greek debt deal, reports Reuters.