MOSCOW, September 15 (RIA Novosti) - Oil prices are in decline in electronic trading as China's industrial output is expanding at its weakest pace since the global financial crisis in 2008.
"The major news is the data out of China," Ric Spooner, a chief strategist at CMC Markets in Sydney, told Bloomberg in an interview. "It means potentially another area of moderation in overall oil demand. We're in a situation where the demand, supply scenario is fairly weak, and the market is stripping out a lot of the geopolitical risk premium."
As of 03:38 GMT, Brent Crude Oil futures for October delivery dropped by 0.67 percent, reaching $96.46 per barrel. West Texas Intermediate futures for October delivery have been down 1.1 percent at $91.35 a barrel.
The growth of the industrial production China, the world's second-largest oil consumer, slowed down by 2 percent in August and totaled 6.9 percent in comparison with 9 percent in July, the National Bureau of Statistics reported September 13. However, analysts expected it to stay at 8.8 percent, according to the Bloomberg News survey.