Oil falls as investors take profit amid China demand concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited concerns about falling global fuel demand, Reuters reported.
Brent crude futures for December settlement fell by as much as 1.1%, and was last down 39 cents, or 0.4%, at $97.53 a barrel by 0645 GMT.
West Texas Intermediate crude for November delivery declined by as much as 1.1% and was last at $92.27 a barrel, down 37 cents, or 0.4%.
Services activity in China during September contracted for the first time in four months as COVID-19 restrictions hit demand and business confidence, data showed on Saturday.
The slowdown in the economy of China, the world’s second-largest oil consumer after the U.S., adds to growing concerns about a possible global recession triggered by numerous central banks raising interest rates to combat high inflation rates.