Crude Slips More Than 2%

Crude Slips More Than 2%Crude Slips More Than 2%

Oil prices fell on Monday on concerns about the pace of economic growth in China, the world's largest energy consumer and signs that global oversupply is curbing Saudi crude exports.

China's economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday, making it more and more likely Beijing will cut interest rates to stoke activity, CNBC reported.

Data also showed that Chinese oil demand fell slightly in September, meaning the country's year-to-date growth is running behind the International Energy Agency's forecast.

Brent for December delivery was down $1.26, or 2.5%, at $49.20 a barrel at 13:30 GMT. US crude for November delivery traded down $1.06, or 2.2%, at $46.20 a barrel, extending last week's steepest losses in eight weeks.

Saudi Arabia, the world's biggest crude exporter, shipped 278,000 barrels a day less crude oil in August, trade data showed, suggesting demand for Saudi oil is sliding as the global supply glut persists.

Meanwhile, Austrian oil producer OMV lowered its oil price forecasts on Monday, seeing 2016 prices at $55 a barrel and rising to $70 a barrel in 2017, $80 a barrel in 2018 and $85 a barrel from 2019 onwards.