Disappointing Chinese economic data and concerns about oversupply have weighed down crude oil futures.
Brent crude slipped by 60 cents to $44.86 per barrel, while the West Texas Intermediate (WTI) futures, the US crude benchmark declined by $1 to $42.04 per barrel, Reuters reported.
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On Friday, data from China’s National Bureau of Statistics revealed that profits earned by companies declined 4.6% in October from a year earlier.
The slump comes as the country’s economy is slowing and industries are dealing with overcapacity.
SEB Oslo chief commodities analyst Bjarne Schieldrop told the news agency that the Chinese statistics are weighing.
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Schieldrop further added that the downing of a Russian jet by the Turkish military this week sparked worries of a geopolitical risk of economic sanctions, which could further hit oil demand.
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By GlobalDataRussia said it was still awaiting a reasonable explanation from Turkey, which dismissed the threats.
Investors are also shifting their focus to a meeting of the Organization of the Petroleum Exporting Countries (OPEC) ministers, which will be held in Vienna on 4 December.
The oil group is expected to include Indonesia as its 13th member next month, which was suspended seven years ago.
Image: US crude benchmark declined by $1 to $42.04 per barrel on Friday. Photo: courtesy of Rawich/ FreeDigitalPhotos.net.
