KONTAN.CO.ID - LONDON. Oil prices slid on Monday after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption.

Brent crude futures for December settlement fell 67 cents, or 0.7%, to $92.83 a barrel by 1110 GMT after rising 2% last week. U.S. West Texas Intermediate crude for December delivery was at $84.16 a barrel, down 89 cents, or 1.1%.

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.

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"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.

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.

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But bank Goldman Sachs said the stocks release was unlikely to have a large impact on prices.

"Such a release is likely to have only a modest influence (<$5/bbl) on oil prices", the bank said in a note.

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. 

Editor: Herlina Kartika Dewi