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.
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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.
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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.
