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Oil Falls on Chinese Economy

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U.S. oil futures fell to their lowest level in 2013 on Monday, declining for a third consecutive session in reaction to slowing growth in China and indicators that oil markets are amply supplied. Brent crude fell for a fifth straight session, reversing slight gains earlier that traders had attributed to oil supply disruptions in Libya and in Europe’s North Sea region. U.S. crude fell 56 cents to settle at $90.12 a barrel, after falling below $90 a barrel earlier for the first time since December. U.S. crude has fallen around $8 per barrel over the last month.

 

Over the weekend, China reported that its services sector expanded at the slowest pace in five months in February, and factory growth also cooled to multi-month lows.In the United States, automatic government spending cuts, known as the “sequester,” were triggered on Friday as lawmakers failed to agree on a resolution to prevent them.