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Oil prices have slightly edged higher on China's factory data but are on track for a weekly loss.Brent crude futures were down $0.27 at $59.89 a barrel, while US West Texas Intermediate (WTI) crude futures were down $0.32 at $54.50 per barrel, reported Reuters.

Global oil prices dropped due to weaker demand outlook and a surprise increase in the US crude inventories. Brent crude futures slipped $1.69 to $60.60 a barrel, while US West Texas Intermediate crude futures were down $1.56 to trade at $51.71 per barrel, reported Reuters.

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