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Oil drops 2% on China growth concerns

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic fell 2% on Monday after the data released in China showed the economy expanded at its slowest pace in the third quarter.

At the time of writing, Brent futures were down 2.61% at USD 49.15/barrel. WTI futures were down 2.31% at USD 46.61/barrel. Prices were down moderately in early Europe, before the sell-off was extended in the early US session.

The data released today also showed the drop in oil demand from China. Meanwhile , Saudi’s oil export data also showed lower demand for crude oil. The country’s oil exports dropped 278,000 barrels a day in August.

Meanwhile, Iranian Oil Minister’s call for a cut in OPEC output in order to push prices to $70-$80/barrel range was largely ignored by the markets.

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