Brent declines on Chinese demand concerns

Brent maintained its losses in American trade on Monday on track for the first loss in three days amid concerns over weak demand in China, the world's second largest oil consumer. 

As of 14:05 GMT, Brent fell to $60.55 a barrel, with a session-high at $61.68, and a low at $60.36. 

Brent rose 0.5% on Friday, the second profit in a row on Venezuelan supply shortage concerns. 

Oil prices shed 0.8% last week, the first weekly loss in a month on profit-taking away from seven-week highs. 

Earlier Chinese data showed a drop in corporate earnings in December for a second month as prices stagnate and factories slow down. 

The disappointing data soured sentiment and added to other data that showed the slowest economic growth in 2018 in three decades, in turn potentially cutting oil demand.