Oil Prices Move Back To The Downside Amid Worries About Demand

(RTTNews) - Crude oil prices moved to the downside during trading on Monday, giving back ground following the advance seen last Friday.

After climbing $0.54 or 0.6 percent to $85.05 a barrel in the previous session, crude for December delivery fell $0.47 or 0.6 percent to $84.58 a barrel.

The pullback by the price of crude oil reflected lingering concerns about the outlook for global demand, particularly in China.

Adding the worries about Chinese demand, China's Communist Party ended its 20th National Congress over the weekend with no signs of a significant change in the zero-COVID policy that has crimped business and trade.

Official data also showed Chinese GDP rose an annual 3.9 percent in the third quarter, beating forecasts for 3.3 percent growth but well short of the official full-year target of 5.5 percent, which is already the lowest in three decades.