SINGAPORE- Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer.
The world’s second-largest economy in the third quarter expanded by 4.9 percent from a year earlier, missing analyst expectations, government data showed. Refiners in China, the world’s second-largest oil user, slowed their processing rates in September and industrial metal imports, underpinned by government stimulus, were lower.
Brent crude for December slipped 15 cents, or 0.4 percent, to $42.78 a barrel. US West Texas Intermediate crude for November CLc1 was at $40.70 a barrel, down 18 cents. The contract will expire on Tuesday.