Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing's economic stimulus plans stoked fears about demand.
In the U.S. market, energy firms last week added oil and natural gas rigs for the first time in four weeks, according to a closely followed report by energy services firm Baker Hughes.
The oil and gas rig count, an early indicator of future output, rose by one to 586 in the week to Oct. 11.
The impact of Hurricane Milton boosted short-term demand in the U.S. as evacuations supported gasoline consumption, but weak demand dominated the fundamentals outlook.
Oil major BP posted a $600 million drop in its third-quarter profit on Friday because of weak refining margins amid a slowdown in global oil use.
Persons:
Tony Sycamore, Baker Hughes, Hurricane Milton
Organizations:
Brent, U.S . West Texas, National Bureau of Statistics, China Ministry of Finance
Locations:
U.S, China, Beijing, East, Florida, The U.S, Iran, Israel, Hurricane