Oil dips on slow global growth

Oil prices dropped on Monday despite a fall in US drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices.

China's August industrial profits dropped 8.8 per cent from the same month last year, and January to August industry profits were down 1.9 per cent.

Brent crude futures oil were at $48.13 per barrel, down 47 cents. US crude oil was 44 cents lower at $45.26 a barrel. Crude futures are now down more than 10 per cent since the end of August.

The International Monetary Fund (IMF) is likely to revise downwards its global economic growth outlook due to weakness in emerging markets.