Oil prices have fallen due to concerns that arose last week after weak Chinese manufacturing activity.
Brent crude futures slipped 55 cents at $49.01 a barrel, while the US futures were trading at $45.95 a barrel, down 64 cents, Reuters reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Commerzbank in Frankfurt senior oil analyst Carsten Fritsch told the news agency: "High OPEC production, record-high production in Russia and weak China data are driving prices lower."
A survey revealed that during October, there was a fall in factory activity in China, the world’s largest oil-consuming country.
Russia’s report on record oil production in October hit a post-Soviet record of 10.78 million barrels per day and exacerbated the global supply glut.
A survey conducted by the news agency last week highlighted that oil prices are set to remain low in 2016 as OPEC may stick to its announcement of maintaining high production when it meets on 4 December.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataNew data revealed that the oil rig count in the US also fell, adding to speculation that domestic crude production will dip in the coming months.
