World oil prices fall on fears of reduced demand in China

World oil prices fell slightly on November 15 morning amid doubts about the prospects for demand for raw materials in China, Report informs referring to the auction data.

The price of January futures for Brent crude fell by 0.29% to $92.87 per barrel, December futures for WTI decreased by 0.59% to $85.36.

According to the published data, the volume of industrial production in China in October grew in annual terms by 5%, but this was less than the forecasted increase of 5.2%.

China is one of the largest importers and consumers of oil, so these statistics are reflected in the prospects for demand for oil.

Investors also continue to evaluate the data of the monthly OPEC report, published the day before. The organization, in particular, lowered its forecast for the growth of world oil demand for the current year by 0.1 million barrels per day, to 2.5 million.