Brent crude oil prices have fallen due to weak economic data from China.
Front-month Brent crude futures fell 38 cents at $47.76 a barrel, while the US crude futures held at $44.63 a barrel, Reuters reported.
Since June, oil prices have fallen by almost 60% on the largest global oversupply in modern times, in addition to worries over slowing Chinese economy.
Growth in Chinese investment and factory output during last month indicated that the country’s economy might be stagnating.
Factory output in China increased by 6.1% compared with 2014.
Recently, weak data from China has raised speculation that the third-quarter economic growth may decline below 7%.
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According to Barclays, the spread between US crude and Brent is expected to narrow further from the existing levels.
Last week, the International Energy Agency (IEA) said that rebalancing of the oil market may occur by 2016 due to ongoing production cuts.
Morgan Stanley said that the supply and demand pictures look less favourable further ahead.
Investors are awaiting the monthly market report to be published by OPEC later today.