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MTECHTIPS:-Oil futures slump 1% after China economic growth cools

MTECHTIPS:-Oil futures slump 1% after China economic growth cools

Crude oil futures fell on Monday, after data showed China’s economy expanded at its slowest pace since 2009 in the third quarter. On the ICE Futures Exchange in London, Brent oil for December delivery shed 69 cents, or 1.37%, to trade at $49.77 a barrel during European morning hours. On Friday, Brent futures tacked on 73 cents, or 1.47%. Elsewhere, crude oil for delivery in December on the New York Mercantile Exchange dropped 50 cents, or 1.05%, to trade at $47.22 a barrel. Nymex oil prices rose 85 cents, or 1.81%, on Friday. Official data released earlier showed that China’s economy grew 6.9% in the third quarter, slightly better than forecasts of a 6.8% rise but down from growth of 7.0% in the previous three months. The figure is the country’s slowest growth rate since the 2009 global financial crisis. A separate report showed that industrial production rose by an annualized rate of 5.7% in September, below expectations for a 6.0% increase and following a gain of 6.1% in the preceding month. Data on fixed asset investment also missed forecasts, reinforcing views that Beijing will roll out further support measures soon for the world’s second largest economy.

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