Oil prices fell more than $1 a barrel, down more than 1.5% in early trade on Monday, as deflation worries in China weighed on oil prices.
Brent crude futures were down $1.26, or 1.59%, at $77.78 a barrel, and U.S. West Texas Intermediate crude futures were down $1.20, or 1.59%, at $74.36 a barrel.
The consumer price index rose 0.4%, the data showed, missing expectations, and the producer price index fell the fastest in six months, down 2.8% year-on-year, the Office for National Statistics said.
The oil and gas rig count, an early indicator of future production, was 586 in the week to Oct. 11.
The impact of Hurricane Milton boosted short-term demand in the US as emissions supported gasoline consumption, but weak demand dominated the fundamentals outlook.
