Oil prices fell on Monday after China released much-delayed trade data which showed that demand in the world’s largest crude importer remained lacklustre in September as strict COVID-19 policy and fuel export curbs depress consumption.
Brent crude futures for December settlement slid 40 cents, or 0.4%, to $93.10 a barrel by 0340 GMT after rising 2% last week. U.S. West Texas Intermediate crude for December delivery was at $84.66 a barrel, down 39 cents, or 0.5%.
Despite rising from August, China’s crude imports in September of 9.79 million barrels per day were 2% below the amount brought in a year earlier, customs data showed on Monday, as independent refiners curbed throughput amid thin margins and lacklustre demand.
“The recent recovery in oil imports faltered in September,” ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas amid ongoing lockdowns weighing on demand. “This was exacerbated by falling refinery margins and product export curbs,” they said.
Uncertainty over China’s zero-COVID policy and property crisis loomed despite better-than-expected growth in the country’s third-quarter GDP, undermining the effectiveness of pro-growth measures, ING analysts said in a note.
