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Brent crude futures for December settlement fell $1.67, or 1.8%,
to $91.83 a barrel by 0855 GMT after rising 2% last week. U.S.
West Texas Intermediate crude for December delivery was at
$83.27 a barrel, down $1.78, or 2.1%.
Although higher than in August, China's September crude imports
of 9.79 million barrels per day were 2% below a year earlier,
customs data showed on Monday, as independent refiners curbed
throughput amid thin margins and lacklustre demand.
"The recent recovery in oil imports faltered in September," ANZ
analysts said in a note, adding that independent refiners failed
to utilise increased quotas as ongoing COVID-related lockdowns
weighed on demand.
"This was exacerbated by falling refinery margins and product
export curbs," the analysts said.
Saudi Arabia and Russia were neck and neck as China's top two
suppliers in September.
Uncertainty over China's zero-COVID policy and property crisis
are undermining the effectiveness of pro-growth measures, ING
analysts said in a note, even though third-quarter gross
domestic product (GDP) growth beat expectations.
Brent rose last week despite U.S. President Joe Biden announcing
the sale of a remaining 15 million barrels of oil from the U.S.
Strategic Petroleum Reserves. The sale is part of a record 180
million-barrel release that began in May.
Biden added that his aim would be to replenish stocks when U.S.
crude is around $70 a barrel.
U.S. energy firms added oil and natural gas rigs last week for
the second week in a row as relatively high oil prices encourage
firms to drill more, energy services firm Baker Hughes Co said
in a report.
(Adttional reporting by Florence Tan; Editing by Christian
Schmollinger, Jamie Freed and Mike Harrison)
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