The price of Brent crude oil dropped towards $85 a barrel on Monday amid the strengthened US dollar and declining economic growth in China.
Brent crude for December delivery declined 40 cents to $85.46 a barrel, while US crude dropped 30 cents to $80.24 per barrel.
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Reuters quoted ABN Amro Bank senior energy economist at Amsterdam Hans van Cleef as saying: "Disappointing data will result in downscaling of oil demand expectations, and the dollar is stronger against the euro."
A private survey has found that even though growth in China’s vast factory sector increased to a three-month high in October with smaller firms seeing more orders, overall numbers still indicated a sluggish economy.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) officials have said that oil supply from the group in 2015 could be similar to this year.
OPEC did not give any hints as to whether it would cut production targets at its meeting on 27 November.
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By GlobalDataBad weather had reduced oil exports from Iraq’s southern-Basra terminals to 1.44 million barrels per day (bpd). However, on Sunday, the terminal managed to restore exports to 2.4 million bpd.
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