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Monday 02 Nov 2015 - 13:43 Makkah mean time-20-1-1437
Oil prices drop (Image from Internet)
Singapore (IINA) – Oil prices dropped in Asian trading hours on Monday as analysts expected weaker demand from China in upcoming months.
Benchmark US crude futures LCOc1 had fallen 24 cents from their last settlement to $46.36 per barrel by 0232 GMT, while internationally traded Brent futures LCOc1 were at $49.48 a barrel, down 6 cents, according to Saudi Press Agency (SPA).
Monday's bearish sentiment came after gains made last week following a further decline in the US oil rig count which indicated that domestic crude production could drop in coming months.
But in Asia, the possibility of slowing demand in China dominated trade on Monday, with growth faltering in the world's second largest economy.
AB/IINA
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