 "Image via Shutterstock")
Oil prices fell in Asia today as investors looked for further clues about the health of the Chinese and US economies, the world's top crude consumers.
US benchmark West Texas Intermediate for November delivery eased 48 cents to $45.22 and Brent crude for November dipped 47 cents to $48.13.
Markets were rocked last week by news that a key gauge of manufacturing activity in China fell to a six-and-a-half-year low in September, the latest sign of slowdown in growth for the world's second-biggest economy.
"For most commodities, a 'hard landing' in China would be a far greater threat than a gradual tightening from the Fed," research firm Capital Economics said.
It said that the manufacturing data is likely to improve over the remainder of the year.
The US Federal Reserve held off raising interest rates during its September meeting, but on Thursday Fed chief Janet Yellen said she still expects a lift-off this year and that concerns about weaker global growth likely will not affect that plan.
Focus this week "is likely to remain on China and particularly the equity market, which has recently shown signs of stabilising, and on the US ahead of the employment report on Friday", Capital Economics said in a market commentary.
A rise in interest rates would likely boost the US currency, making dollar-priced oil more expensive for holders of weaker units, hurting demand.
Prices are also under pressure owing to the prospect of Iranian oil returning to the oversupplied market following a landmark nuclear deal with major world powers reached in July.
