Singapore — Crude oil futures were marginally lower during mid-morning trade in Asia Monday amid lingering global growth and demand concerns as markets await fresh price cues to provide direction.
At 10:20 am in Singapore (0220 GMT), ICE Brent December futures were down 19 cents/b (0.32%) from Friday's settle at $59.23/b, while the NYMEX November light sweet crude futures contract was 10 cents/b (0.19%) lower at $53.68/b.
"Global risk sentiments were dented by China's disappointing Q3 GDP growth print of 6% year on year and warnings of a weak global growth prognosis at the IMF-World Bank annual meetings on Friday," OCBC Bank analysts said in a note Monday.
China's gross domestic product expanded 6% in Q3, the lowest level since 1992, according to media reports citing Chinese government bodies.
"Crude oil prices suffered after data showed that China's economic growth remained weak," ANZ analysts said in a note Monday.
"This weighed on an already gloomy mood after the weekly EIA [US Energy Information Administration] report earlier showed crude oil inventories rose 9.3 million barrels the previous week," they added.
The OCBC Bank analysts said: "Asian markets may be off to a shaky start this week as fluctuating optimism about US-China trade progress and Brexit extension hopes battle with weak economic data."
In the US, Tropical Storm Nestor made landfall at St Vincent Island in Florida as a post-tropical cyclone Saturday, according to the National Hurricane Center. The storm is projected to "move offshore of the coast of North Carolina into the western Atlantic by late Sunday" as a post-tropical cyclone, the NHC said.
While monitoring the impact of the storm, market participants will also be looking to weekly US crude inventory data due for release mid-week for price direction.
As of 0220 GMT, the US Dollar index was up 0.16% at 97.075.
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