LONDON: Oil prices experienced a slight decline amid light trading, as investors awaited key economic data from China and the United States, the world's largest oil consumers, that could provide insights into future growth trends. The trade occurred in anticipation of year-end economic indicators that are expected to influence oil demand forecasts. According to Oman News Agency, Brent crude futures decreased by 8 cents, settling at $74.09 per barrel. The more actively traded March contract saw a reduction of 6 cents, bringing it to $73.73 a barrel. Meanwhile, US West Texas Intermediate crude experienced a decrease of 5 cents, priced at $70.55 per barrel. These declines follow a period of gains, with both contracts having risen by approximately 1.4% in the previous week. This increase was largely driven by a significant drawdown in US crude inventories, as refiners increased operations and holiday travel heightened fuel demand. The recent support for oil prices has also been attributed to the positive outloo k for China's economic growth in the coming year, which could potentially increase demand from the leading crude oil importing nation. As the market continues to monitor developments in both China and the US, the release of forthcoming economic data is poised to play a crucial role in shaping investor sentiment and oil price trajectories.