Oil prices have fallen due to worries about weak economic growth in China.

Brent for December delivery fell 76 cents at $49.70 a barrel, while the US crude edged down 57 cents to $46.69 a barrel, Reuters reported.

Official data released on Monday revealed that China’s economy growth slumped, and grew the slowest in six years during the third quarter, in addition to a drop in oil demand in the country last month.

"Chinese GDP data and the rise in the Saudi stockpile due to falling crude oil exports are weighing on prices."

This indicated that China’s year-to-date growth is running behind the growth forecast made by International Energy Agency.

PVM Oil Associates oil analyst Tamas Varga told the news agency: "Chinese GDP data and the rise in the Saudi stockpile due to falling crude oil exports are weighing on prices."

In August, Saudi Arabia shipped 278,000 barrels a day less crude oil, according to trade data, which suggested that demand for Saudi oil is sliding as global oversupply persists.

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Austria-based OMV lowered its oil price forecasts on Monday and said it would take a €1bn ($1.13bn) impairment charge on asset values in its upstream business.