Oil prices are slightly down on China’s weak economic data, though progress in trade talks between the US and China has offered some support.

Brent crude was down $0.12 at $61.90 a barrel, while US West Texas Intermediate (WTI) crude futures were down $0.16 at $56.50 a barrel, reported Reuters.

In September 2019, Chinese industrial firms witnessed losses for the second straight month as producer prices continued their slide.

Axi Trader Asia Pacific market strategist Stephen Innes was quoted by Reuters as saying: “There have been some small profit-taking sells on the weak China data released on Sunday and unwinding of weekend hedges.

“But the market remains well supported on the dip,” Innes added, citing signs of progress in trade war negotiations between the two big nations.

Energy companies in the US reduced the number of oil rigs operating this week, which led to 11-month decline.

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Russia’s energy ministry said that it is working with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC oil producers to improve stability in the oil market.

The ministry’s statement came after Rosneft CEO Igor Sechin said that September 2019’s attacks on Saudi oil assets, which halved the kingdom’s oil output, created doubts over the nation’s reliability as a supplier.

Since January, OPEC+ promised to cut output by 1.2Mbpd to support the market. The deal will run through March 2020. The producers are set to meet on 5 and 6 December 2019 to review policy.

The US Commodity Futures Trading Commission said, in the week that ended on 22 October 2019, money managers cut their net long US crude futures and options positions.