Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer.
Brent crude futures nudged 6 cents higher to $86.37 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude was at $82.56 a barrel, up 4 cents.
Rising costs for Middle East crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions.ahead of peak summer demand, while cutting diesel production amid worsening margins. Investors will be watching for the release of China's first quarter gross domestic product data this week, which is expected to be positive for commodity prices, CMC Markets analyst Tina Teng said.
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