SINGAPORE, July 10 Reuters Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses.

Brent crude futures fell 55 cents, or 0.7, to 77.92 a barrel by 0630 GMT, and U.S. West Texas Intermediate crude was at 73.31 a barrel, also down 55 cents, or 0.7.

Oil traders may be cautious ahead of the U.S. CPI and China39;s slew of economic data later this week, CMC Markets analyst Tina Teng said.

However, crude prices could rebound after OPEC announced plans to further reduce supply, she added.

China39;s factorygate prices fell at the fastest pace in over seven years in June, government data showed on Monday, as the momentum of economic recovery in the world39;s secondlargest economy has slowed.

The oil benchmarks gained more than 4 last week to touch their highest marks since May, rising for a second straight week after the world39;s biggest oil exporters Saudi Arabia and Russia pledged to deepen supply cuts in August.

The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market, said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy.

The market39;s instability is further fueled by the ongoing tugofwar between fears of demand control by Western economies and the supplycontrol strategies employed by OPEC, which impacts the oil market39;s…