Oil slides as Chinese economic data weaker than expected

Oil prices slid on Monday after news that China’s Q3 economic data was not as high as forecasted. The reports underlined worries that rising global coronavirus cases are affecting fuel demand in the world’s biggest oil importer. 

China’s economic growth in the third quarter expanded by 4.9% year-on-year, missing analysts’ expectations. 

Brent crude for December delivery fell 0.4%, or 15 cents, at $42.78 per barrel. U.S. West Texas Intermediate crude for November contract was down 18 cents to $40.70 per barrel.

In the previous week, Brent gained 0.2%, while WTI rose 0.7% after U.S. crude and oil product stockpile dropped.

Chinese goods and services weakened while crude processing and industrial metals output did not live up to investors’ expectations.

Meanwhile, OPEC+ is planning to slash current supply cuts of 7.7 million bpd by 2 million bpd in January.

U.S. energy firms added the highest number of oil and natural gas rigs since January as prices hold around $40 per barrel.