Brent declines for second day on Chinese economy concerns

Brent maintained its losses in American trade on Monday for another session on profit-taking off five-week highs on concerns over the performance of China's economy. 

As of 13:35 GMT, Brent fell to $59.75 a barrel, with an intraday high at $61.03, and a low at $59.26. 

Brent shed 1.1% on Friday, the first loss in nine days, snapping the longest winning streak since June 2017 after hitting five-week highs earlier at $62.46. 

Oil prices advanced 7% last week, the second weekly profit in a row as US and China progressed further in their trade negotiations, while OPEC started implementing output cuts according to their deal with independent producers.  

Earlier Chinese data showed exports fell 4.4% in December, the steepest such decline in two years, while imports tumbled 7.6%, the largest decline since July 2016, in another sign of the weakening China economy.