A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. Reuters/Nick Oxford
Crude oil futures fell on Friday with losses this month standing at over 8 percent, hurt by disappointing Chinese economic data and worries over a supply glut.
A firmer U.S. dollar also weighed on oil, making greenback-denominated contracts more expensive for holders of other currencies, although trading was quiet after Thanksgiving Day in the United States.
Brent crude had dropped 7 cents to $45.39 per barrel by 0519 GMT, after settling down 71 cents at $45.46 in the previous session.
West Texas Intermediate (WTI) futures, the U.S. crude benchmark, fell 52 cents, or 1.21 percent, to $42.52 per barrel. They are up 5.3 percent so far this week, but have plunged 8.7 percent since the beginning of the month.
Profits earned by Chinese industrial companies fell 4.6 percent in October from a year earlier, data from the country’s statistics bureau showed on Friday, declining for the fifth consecutive month.
ANZ said in a note on Friday that “U.S. stocks data did little to excite the market”, referring to numbers from the Energy Information Administration on Wednesday which showed U.S. crude inventories rose 1 million barrels last week, slightly below analyst expectations.
The market is shifting its focus to a meeting of ministers from the Organization of the Petroleum Exporting Countries, which is set for Vienna on Dec. 4.
“Although we continue to believe that this would…