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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAustria-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.