Crude oil prices fell over 2 percent on Monday as China’s economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices as they increasingly lose faith in a significant market recovery.
Global benchmark Brent was down 89 cents, almost over 2.6 percent, to $32.66 per barrel at 0319 GMT (10.19 p.m. ET on Monday), and U.S. West Texas Intermediate (WTI) crude was down about 2.3 percent to $32.39.
Monday’s decline adds to last week’s more than 10 percent drop in both Brent and WTI prices to start the year. Traders and investors have wondered how long and deep the slide may go with Goldman Sachs saying oil could hit $20 a barrel.