Investing.com - Oil prices fell on Monday on concerns about the pace of economic growth in China, the world's largest energy consumer, and signs that global oversupply is curbing Saudi crude exports.
U.S. crude was down 1.01% at $47.24 a barrel by 1037 GMT while Brent fell 1.37% to $49.77 a barrel.
China's economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday, making it more and more likely Beijing will cut interest rates to stoke activity.
Saudi Arabia, the world's biggest crude exporter, shipped 278,000 barrels a day less crude oil in August, trade data showed, suggesting demand for Saudi oil is sliding as the global supply glut persists.
The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.