Oil prices slide on China's slowing growth

Oil prices have declined on fresh data from China indicating slowing growth.

December futures for Brent North Sea crude fell 80 cents to USD$112.42 a barrel in London, while light sweet crude for November delivery closed an increment lower in New York on Thursday at USD$92.10 barrel, two cents below Wednesday's settlement.

Data released in China on Thursday showed that Q3 economic growth fell to 7.4%, consonant with the low expectations of analysts, and marking China's 7th consecutive quarter of contracting growth.

Also contributing to weakness in oil price levels was improved supply, with Britain's largest oil field, the North Sea Buzzard, set to recommence operation this weekend following maintenance, and US crude inventories rising ahead expectations last week.

Analysts forecast that the China's growth slowdown may have bottom out, while uncertainty surrounding the country's political future will soon be dispelled following the leadership transition in November.