Oil extended losses to a new seven-month low as a selloff in wider financial markets continued to heap pressure on prices.
Brent futures slipped toward $75 a barrel — erasing this year’s gains — and hit the lowest level since January. West Texas Intermediate dropped below $72.
A rout in global equities worsened on Monday on concerns around the economic outlook.
The decline has weighed on an oil market that was already signaling concern about the health of demand in China, the largest crude importer.
Speculators have added to the slump, with money managers slashing bullish bets on the global Brent benchmark by the most since 2022 last week. They also have the fewest wagers on rising gasoline prices since 2017.
Oil has notched four weeks of declines on signals of faltering demand in the US and China.
OPEC+ supply cuts and concerns that the conflict in the Middle East could impact production from the region had supported prices.
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