Brent and US oil fall to fresh 6-1/2-year lows over China

Brent and US crude oil futures hit their fresh 6-1/2-year lows on Monday, as investors continue to worry about weak demand as China's economy slows amid a global supply surplus. 

PHOTO: AFP

AUG 24, 20159:47 AM

[SEOUL] Brent and US crude oil futures hit their fresh 6-1/2-year lows on Monday, as investors continue to worry about weak demand as China's economy slows amid a global supply surplus.

Brent oil lost 44 cents at US$45.02 a barrel as of 0125 GMT after hitting its intraday low of US$45.00 earlier the day. That's the lowest since US$42.59 marked in March of 2009. On Friday it ended US$1.16, or 2.5 per cent, lower at US$45.46 a barrel.

US October crude also had dropped 60 cents to US$39.85 a barrel, after hitting US$39.71 a barrel or the lowest since US$39.44 in March of 2009.

In the previous session it settled 87 cents, or 2.1 per cent, lower at US$40.45 a barrel.

REUTERS