Oil prices are declining despite the growth of demand for energy resources in China.

Pressure on the market continues to be exerted by the strengthening of the dollar, as well as fears of a downturn in the global economy as a result of rapid tightening of monetary policy by global central banks, notes the agency Bloomberg.

“High volatility in the oil market will continue as we see both recession risks and the possibility of a supply shortage,” notes analyst Gao Jian of Zhaojin Futures Co. Gao Jian.

Statdata on the Chinese economy, published on Monday, showed a larger-than-expected growth of the country’s GDP in the third quarter. The figure rose 3.9% year-on-year after a 0.4% increase in the previous quarter. The consensus forecast of experts surveyed by Trading Economics called for a 3.4% growth.

The rate of increase in Chinese exports in September slowed to 5.7% from 7.1% in August, import growth amounted to 0.3%, the same as a month earlier.

China’s oil imports rose to 9.83 million bpd, the highest since May, according to Bloomberg calculations based on data from China’s General Administration of Customs.

The cost of December futures for Brent on the London-based ICE Futures exchange by 8:33 Moscow time on Monday is $92.63 per barrel, down $0.87 (0.93%) from the previous session’s closing price. At the end of trading on Friday, these contracts rose by $1.12 (1.2%) to $93.5 per barrel.

The price of WTI oil futures for December at the electronic trading of the New York Mercantile Exchange (NYMEX) fell by $0.78 (0.92%) to $84.27 per barrel. By the close of previous trades, the cost of these contracts increased by $0.54 (0.6%), to $85.05 per barrel.

At the end of last week, Brent rose by 2%, WTI – by 0.5%.