Oil drops on weak Chinese growth data, Brent slumps below $60

Oil prices extended losses during trading session today, giving back earlier gains, after the release of weak Chinese data that sparked concerns about China's demand.

The Chinese Government showed today that the GDP grew by 6% during the third quarter, lower than market forecasts of 6.1%.

Otherwise, Baker Hughes Co announced today that the US crude oil drilling rigs count increased by 1 to 713 rigs during this week.

The dollar index fell against a basket of major currencies by 0.3% to 97.3 points as of 17:28 GMT, with an intraday high of 97.6 and a low of 97.2 points.

WTI fell by 0.8% to $53.5 as of 17:21 GMT, with a session-high of $54.6 and a low of $53.3.

Brent fell by 1.3% to $59.1 a barrel, with a high of $60.2 and a low of $59.01.