Oil prices slip after China Q3 GDP rises weaker than expected; focus on OPEC+ supply
Oil prices fell on Monday after China’s third-quarter economic growth rose came in weaker than expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer.
The world’s second-largest economy expanded by 4.9% in the third quarter from a year earlier, missing analyst expectations of 5.2%, government data showed. Refiners in China, the world’s second-largest oil user, slowed their processing rates in September.
Brent crude for December slipped 20 cents, or 0.5%, to $42.73 a barrel by 0826 GMT. US West Texas Intermediate crude for November was at $40.69 a barrel, down 19 cents. The contract will expire on Tuesday.
