Due to concerns about the global economy, oil prices fall and Brent Crude declined by 0.2%.
Oil prices fell on Monday on continuing concerns about the global economic outlook and their impact on oil demand.
Brent crude futures fell 10 cents, or 0.2%, to $59.32 a barrel, while US crude futures fell 9 cents, or 0.2%, to $53.69 a barrel, according to Reuters.
In the same context, Russia said the oil it produced last September was more than stipulated in a global agreement due to an increase in gas condensate production as the country prepares for the winter season.
OPEC, Russia and other producers (OPEC+) agreed in December 2018, to reduce production by 1.2 million bpd from the beginning of 2019.
On the other hand, China’s economic growth slowed to 6% year-on-year in the third quarter of this year, the weakest growth in twenty-seven and a half years, which is below expectations.
The slowdown in the Chinese economy was a result of falling factory production and continuing trade tensions. However, refinery production in China increased by 9.4% year-on-year in September, indicating that demand for oil from its largest importer in the world remains strong.