A barrel (159 liters) of North Sea Brent with delivery recently cost 93.23 US dollars. That was 27 cents less than on Friday. The price of a barrel of West Texas Intermediate (WTI) for delivery in November fell 34 cents to $84.71.
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Market observers referred to economic data from China, the second largest economy in the world and a major importer of crude oil. The country’s economic recovery remains on shaky ground. In the third quarter, China’s economy grew faster than expected by 3.9 percent. However, further economic and trade figures published on Monday indicated a mixed picture of the situation.
A strict zero-Covid strategy by the leadership in Beijing with lockdowns and other tough measures is slowing down the Chinese economy, which is also suffering from a severe real estate crisis, high debt and weak domestic demand.
In addition, leading economic indicators from Europe and the USA are disappointing. Recently, concerns about the economy had repeatedly weighed on oil prices. It has fallen significantly in recent months after the price of Brent oil stood at over $120 a barrel in June.
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NEW YORK/LONDON (dpa-AFX)
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