[ltr]Oil down $ 50 because of concerns about demand in China [/ltr]
London / Reuters
Oil prices fell on Monday on concerns about the pace of economic growth in China, the largest consumer of energy in the world and signs that the global supply glut defiance of the Saudi crude exports.
China's economy grew less pace in six years in the third quarter, according to official data published on Monday, which increases the likelihood that Beijing offers to cut interest rates to stimulate activity.
The data also showed that China's oil demand will decline slightly in September, which means that the growth rate achieved in the country since the beginning of the year less than the expectations of the International Energy Agency.
And Brent crude futures December 76 cents to $ 49.70 a barrel 0952 GMT. US crude fell rate in November contracts for 57 cents to $ 46.69 a barrel, upping the large losses suffered last week. Trade data showed that exports of Saudi Arabia's largest oil exporter in the world fell by 278 thousand barrels per day in August, which refers to a decline in demand for Saudi crude with continued oversupply.
At the same time the Austrian OMV oil-producing its forecast for oil prices on Monday lowered to $ 55 a barrel in 2016 and $ 70 a barrel in 2017 and $ 80 a barrel in 2018 and $ 85 a barrel in 2019.
As a result, the company also said it will reap allocations worth one billion euros ($ 1.13 billion) for the lower asset values in upstream activities.