SINGAPORE, April 17 Reuters Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world39;s secondlargest oil consumer.

Brent crude futures nudged 7 cents lower to 86.24 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude was at 82.47 a barrel, down 6 cents.

Both contracts notched their fourth weekly gain last week the longestsuch streak since mid2022.

The release of China39;s firstquarter gross domestic product GDP data this week is expected to be positive for commodity prices, with the International Energy Agency IEA forecasting it will account for most of 2023 demand growth.

The data are due to be published at 0200 GMT on Tuesday.

However, the IEA warned in its monthly report that the output cuts announced by OPEC producers risked exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery.

Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports.

Rising costs for Middle East crude supplies, which meet more than half of Asia39;s demand, are already squeezing refiners39; margins, prompting them to secure supplies from other regions.

Refiners are also ramping up gasoline output ahead of peak summer demand, while cutting diesel production amid worsening margins….