Moscow. October 19. Oil prices lower on Monday on data on the slowdown of industrial production in China, reports Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 14:24 (Moscow time) on Monday has decreased in price by $0.7 (1,39%) – to $49,76 per barrel.
Futures price for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0.5 (1,06%) – to $46,76 per barrel.
As reported, China’s GDP in the third quarter increased by 6.9% in annual terms, after rising by 7% in the second quarter. The indicator surpassed the expectations of experts, prognozirovanii increase of 6.8%.
Meanwhile, industrial production in the country in September increased by 5.7% in annual terms, after rising 6.1% in August, reported the National statistical office of China. Analysts expected an increase of industrial output by 6%.
China consumes about 12% of all world oil, after only the USA.
“The slowdown of growth of industrial production will affect the demand for raw materials and impact on oil prices,” said Phillip Futures analyst Daniel ang.
Meanwhile on Friday, oilfield services company Baker Hughes reported that the number of active oil drilling rigs in the U.S. declined last week on 10 units, a decrease of the seventh week in a row.