Oil prices dip on weak demand outlook, supply concerns

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month.

Global benchmark Brent crude oil futures fell by 10 cents, or 0.2%, to $59.32 a barrel by 0108 GMT.

U.S. crude oil futures were down by 9 cents, or 0.2%, to $53.69.

“Commodity markets continue to struggle amid weak economic data,” said ANX Bank in a note.

China’s economic growth slowed to 6% year-on-year in the third quarter, its weakest in 27-1/2 years and short of expectations due to soft factory production and continuing trade tensions.