Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.

China's exports fell by the most in two years in December while imports contracted, official figures showed, pointing to further weakness in what is also the world's second-largest economy.

Brent crude, the international benchmark, fell 52 cents to $59.96 a barrel by 12:41am GMT, trading as low as $59.27