Brent oil futures expiring in March dropped 0.1% to $78.23 a barrel, while West Texas Intermediate crude futures dropped 0.1% to $72.73 a barrel

Oil prices moved little in Asian trade on Monday amid the conflict in the Middle East, while expectation of string of key U.S. and Chinese economic data this week kept sentiment on edge.

Crude prices had marked strong gains towards the end of last week, after concerns over a wider conflict in the Middle East threatened to disrupt oil supply from the region.

But while the conflict did see several shipping operators suspend routes through the Red Sea, it was yet to cause any significant disruption to global oil supplies. Suez Canal authorities also noted last week that traffic through the key route remained regular.

Oil prices were also nursing a weak start to 2024 after dipping more than 10% in the past year, as markets remained convinced that global crude demand will see little improvement this year amid pressure from high interest rates, cooling economic growth and sticky inflation.

Brent oil futures expiring in March dropped 0.1% to $78.23 a barrel, while West Texas Intermediate crude futures dropped 0.1% to $72.73 a barrel by 00:48 GMT. A U.S. market holiday is expected to keep trading volumes thin.

Focus was now squarely on key upcoming economic data from the U.S. and China this week, for more hints on the potential path of demand.

China’s central bank is expected to reduce medium-term lending rates later on Monday, as it struggles to shore up a slowing economic recovery.

Chinese fourth-quarter gross domestic product figures are due on Wednesday, and is expected to potentially set the tone for the Chinese economy in 2024. Gross Domestic Product is expected to have slightly edged past the government’s 5% annual target, but the increase also comes from a lower basis of comparison from the previous year.