2018.10.2906:36:00UTC+00Oil Prices Fall As Demand Concerns Weigh

Oil prices dipped on Monday in cautious trade after Chinese stock markets succumbed to heavy selling pressure once again on concerns over the slowing economy.

Rising political risks in Germany, Italy and the United Kingdom also weighed on the commodity.

Global benchmark Brent crude oil for December delivery dropped 0.58 percent to $77.17 a barrel, while U.S. West Texas Intermediate crude futures were down 0.31 percent at $67.38 a barrel.

Investors are wary that a disorderly Brexit could spill over in the American economy.

Italy's budget woes and a series of embarrassing German election results have added to political uncertainty in Europe.

Meanwhile, profit growth at China's industrial firms slowed for the fifth consecutive month in September in the face of elevated trade tensions with the United States, a government report showed.

Industrial profits rose 4.1 percent from a year earlier, marking the slowest rate since March as sales of raw materials and manufactured goods further ebbed.