LONDON—Oil prices fell by more than $3 a barrel on Monday on concerns over demand in China, the world’s largest crude importer, and ahead of Iran’s response to a nuclear deal proposal which could raise the country’s oil exports.
Brent crude futures fell $3.49, or 3.56 percent, to $94.66 a barrel by 0945 GMT after settling 1.5 percent lower on Friday.
U.S. West Texas Intermediate crude was down $3.32, or 3.61 percent at $88.77, after a 2.4 percent drop in the previous session.
China’s economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, data showed.
ING bank cut its forecast for China’s 2022 GDP growth to 4 percent from 4.4 percent previously. It warned a further downgrade is possible, depending on the strength in exports which are suffering from high inflation, ongoing COVID-19 restrictions, and unemployment growth in mainland China….