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New wave of unlikeable data about oil

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Oil prices slid Monday on concerns about weaker global economic growth and the continuing oversupply of crude.

New Chinese economic data raised more worries about slowing economic growth there. Chinese officials reported that industrial profits in the country fell 8.8% from year-ago levels, the largest decline since 2011.

The global oil glut has begun to ease after record high U.S. production started to fall, resilient output from other major producers has kept the oversupply at more than 1 million barrels a day in the 93 million barrels a day global market.

Later in the week, market participants will be awaiting a key report on U.S. oil production. The Energy Information Administration will publish its Petroleum Supply Monthly report on Wednesday, which will be watched for signs of how the drop in the number of rigs drilling for oil in the U.S. is affecting production.


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