Brent crude fell to $50.2 on statistical data from China

Brent crude fell to $50.2 on statistical data from China

Moscow. October 19. Oil prices fall on Monday morning, investors evaluate statistics of China, Bloomberg reported.

December futures for Brent crude on London’s ICE Futures exchange to 8:19 Moscow time on Monday fell in price at $0.27 (0.54 percent) to $50,19 a barrel. By the close of market on Friday, the futures price increased by $0,73 (1,47%) to $50,46 per barrel.

Futures price for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) dropped by this time at $0.27 (0,57%) to $46,99 per barrel. According to the results of the previous session, the contract rose $0.88 to (1.9 per cent) to $47,26 per barrel.

Last week Brent fell by 4.6%, WTI – by 4.8%.

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 growth of 6.8%.

Meanwhile, industrial production in the country in September rose by 5.7% in annual terms, after rising 6.1% in August, reported the National statistical office of China. Analysts had forecast a rise of 6%.

“The Chinese economy continues to grow – said senior analyst at CMC Markets RIC Spooner. The country is now in transition phase, so the rate of GDP growth in the near future, likely to be relatively low by Chinese standards. Meanwhile, disappointing industrial output data will give investors to be too optimistic relative to other statistical data”.

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.