Oil prices fell on Monday after reports that China's third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world's largest oil importer.
The world's second-largest economy in the third quarter expanded by 4.9% from a year earlier, missing analyst expectations, government data showed, as reported by Reuters.
Refiners in China, the world's second-largest oil user, slowed their processing rates in September and industrial metal imports, underpinned by government stimulus, were lower.
Read alsoZelensky thanks Poland for decisive stance on Nord Stream 2Brent crude for December slipped 15 cents, or 0.4%, to $42.78 a barrel by 0405 GMT. U.S. West Texas Intermediate crude for November was at $40.70 a barrel, down 18 cents. The contract will expire on Tuesday.
Brent rose 0.2% last week while WTI gained 0.7%, after crude and oil product inventories in the United States, world's top oil consumer, fell.
The Chinese data showed growth in goods and services is softening while the data on crude processing and industrial metals output, given a lifeline from fiscal stimulus, were "disappointing," said Howie Lee, an economist at Oversea-Chinese Banking Corp (OCBC).