Oil falls on the news of slowdown in the Chinese economy
Oil prices are falling this morning under the influence of negative news about the Chinese economy. At 9:45, Brent fell by 0.3% to $42.8 and WTI by 0.29% to $41.00. According to published statistics, in the third quarter, China's GDP growth was less than projected - 4.9% against 5.2% expected by experts. China holds the leading position in the world economy. In terms of oil imports, the country is in second place in terms of oil consumption, so news about the state of its economy influence quotations - players are afraid of a fall in global demand because of worsening economic situation in China. In addition, the Chinese refineries in September reduced the volume of processed raw materials. This also had a negative impact on stock exchanges, along with the news that the volume of purchases in the country has decreased industrial metals from abroad. Today investors' attention is focused on the OPEC+ monitoring committee meeting, which will discuss the situation at the oil market and slowdown of oil demand recovery.