West Texas Intermediate futures for November delivery fell to $45.19 (-1.12%), while Brent crude fell to $48.09 (-1.05%) as investors focused on weak global growth outlook and ignored declines in the number of drilling rigs in the U.S.

IMF head Christine Lagarde said that growth forecasts might be revised down. "A forecast of 3.3% growth this year is no longer realistic. (Neither is) a forecast of 3.8% for next year. We will however remain above the 3% threshold," she told Les Echos newspaper in an interview.

The latest data from China intensified concerns over economy of the world's second-biggest oil consumer. Profits of China's industrial companies fell 8.8% in August from the same month last year, and January to August profits were down 1.9%.

Meanwhile the number of drilling rigs fell for the fourth consecutive week in the U.S.