SINGAPORE, Dec 30 Reuters Oil prices edged down on Monday in thin holiday trade ahead of the yearend as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world39;s two largest oil consumers.

Brent crude futures eased 8 cents to 74.09 a barrel by 0700 GMT while the more active March contract was at 73.73 a barrel, down 6 cents.

U.S. West Texas Intermediate crude fell 5 cents to 70.55 a barrel.

Both contracts rose about 1.4 last week buoyed by a largerthanexpected drawdown from U.S. crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand.

Oil prices were also supported by optimism for Chinese economic growth next year that could lift demand from the top crude oil importing nation.

To revive growth, Chinese authorities have agreed to issue a record 3 trillion yuan 411 billion in special treasury bonds in 2025, Reuters reported last week.

Global oil consumption reached an alltime high in 2024 despite China underperforming expectations, and oil stockpiles are heading into next year at relatively low levels, said Ryan Fitzmaurice, senior commodity strategist at Marex.

Going forward, China economic data is expected to improve as the recent stimulus measures take hold in 2025. Also, lower rates in the U.S. and elsewhere should be supportive of oil consumption.

China has also issued at least 152.49 million metric tons of crude oil import quotas to independent refiners…