Oil prices declined, Monday, after the growth of the Chinese economy in the third quarter of the year was weaker than expected, highlighting concerns about the impact of the growing Coronavirus infections around the world on demand for the largest importer of crude in the world.

The world's second-largest economy grew 4.9 percent year-on-year in the third quarter, while analysts expected it to grow 5.2 percent, government data showed, while refiners in China, the world's second-largest oil consumer, curbed crude processing rates in September.

By 08:26 GMT, Brent crude for December delivery was down 20 cents, equivalent to 0.5 percent, to $ 42.73 a barrel.

US West Texas Intermediate crude for November delivery recorded $ 40.69 a barrel, down 19 cents, and the contract expires on Tuesday.

Brent rose 0.2 percent last week, while West Texas rose 0.7 percent, after inventories of crude oil and its products fell in the United States, the largest consumer of oil in the world.

Chinese data showed growth slowing in goods and services, while crude processing data was "disappointing", said Huili, an economist at China Overseas Banking Corporation.

"We will likely see a weak price performance until the end of the day," Lee said.

He added that investors are focusing on the meeting of the Joint Ministerial Monitoring Committee emanating from the OPEC + group, which is scheduled for later.

The committee may decide to postpone plans to ease the current supply cuts of 7.7 million barrels per day by 2 million barrels per day from January.

But Lee ruled out that prices would rise in the event of a decision to postpone, because the matter is already calculated in the prices traded in the market.

The group's joint technical committee meeting last week drew a bleak forecast for fuel demand due to fears of a prolonged second wave of the Covid-19 pandemic and a jump in Libyan production, which could create a surplus in the market next year.

Source: Agencies

By:Nadeemy Haded