Oil prices fall on worries over China economy and higher crude output

SINGAPORE (Reuters) – Oil prices fell on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers.

Brent crude oil futures slid by 74 cents, or 1%, to $74.67 a barrel by 0653 GMT, after dropping to a low of $74.10 earlier in the day.

U.S. West Texas Intermediate (WTI) crude futures dropped 70 cents, or 1%, to $73.25 a barrel after slipping to a session low of $72.77.

“China’s been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline,” said Edward Moya, senior analyst at OANDA.