Oil prices fell on Monday as China's economic growth data fuelled concerns over energy demand in the world's second largest economy, traders said.
New York's main contract, West Texas Intermediate (WTI) for delivery in February, dropped 67 cents to $93.70 a barrel.
Brent North Sea crude for March slipped 20 cents to stand at $106.28 a barrel in London afternoon deals.
China's economy last year registered flat growth of 7.7 percent, maintaining its slowest expansion in more than a decade as the government warned Monday of "deep-rooted problems" including a mountain of local authority debt.
The 2013 GDP figure was the same as that for 2012 -- which was the worst rate of growth since 1999 -- and matched the median forecast in a survey of 14 economists by AFP. It exceeded the government's growth target for the year, which was declared as 7.5 percent.
Kenny Kan, analyst at traders CMC Markets, said the Chinese data "painted a dimmer picture for the energy sector".
French lender Credit Agricole said the slowdown in quarter-on-quarter growth was overstated "due to lower number of working days" than in the previous three months.
China is the world's biggest energy-consuming nation and the health of its economy is closely watched by oil traders.
Kan said oil prices were under pressure also over concerns about a oversupply in the United States.
Ali Al Naimi, the oil minister of Saudi Arabia, said on Sunday that the OPEC cartel kingpin is unconcerned by a boom in US shale oil production.
"The kingdom welcomes this new source of energy that helps fulfill the growing world demand for energy, and helps stabilise oil markets," state news agency SPA quoted Naimi as saying.
In October, oil production in the United States surpassed imports for the first time in nearly two decades, helped mainly by production from newly tapped shale-based reserves.
CMC's Kan said trading was expected to remain thin for the rest of Monday as US markets are closed for a public holiday.
Oil prices fell on Monday as China’s economic growth data fuelled concerns over energy demand in the world’s second largest economy, traders said.
New York’s main contract, West Texas Intermediate (WTI) for delivery in February, dropped 67 cents to $93.70 a barrel.
Brent North Sea crude for March slipped 20 cents to stand at $106.28 a barrel in London afternoon deals.
China’s economy last year registered flat growth of 7.7 percent, maintaining its slowest expansion in more than a decade as the government warned Monday of “deep-rooted problems” including a mountain of local authority debt.
The 2013 GDP figure was the same as that for 2012 — which was the worst rate of growth since 1999 — and matched the median forecast in a survey of 14 economists by AFP. It exceeded the government’s growth target for the year, which was declared as 7.5 percent.
Kenny Kan, analyst at traders CMC Markets, said the Chinese data “painted a dimmer picture for the energy sector”.
French lender Credit Agricole said the slowdown in quarter-on-quarter growth was overstated “due to lower number of working days” than in the previous three months.
China is the world’s biggest energy-consuming nation and the health of its economy is closely watched by oil traders.
Kan said oil prices were under pressure also over concerns about a oversupply in the United States.
Ali Al Naimi, the oil minister of Saudi Arabia, said on Sunday that the OPEC cartel kingpin is unconcerned by a boom in US shale oil production.
“The kingdom welcomes this new source of energy that helps fulfill the growing world demand for energy, and helps stabilise oil markets,” state news agency SPA quoted Naimi as saying.
In October, oil production in the United States surpassed imports for the first time in nearly two decades, helped mainly by production from newly tapped shale-based reserves.
CMC’s Kan said trading was expected to remain thin for the rest of Monday as US markets are closed for a public holiday.
