Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.
U.S. crude slid $1.95, or 4 percent to settle at $45.17 a barrel, marking its largest loss in nearly a month. Brent crude oil was last down $2.80 to $49.40 a barrel earlier in the day, its weakest since Jan. 30.
Evidence of growing global oversupply and a stock market collapse in China, the world's largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures' largest monthly decline since the 2008 financial crisis.
With August trading in its first session, the rout accelerated as gasoline prices fell more than that of crude.
Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.
U.S. consumer spending advanced at its slowest pace in four months in June as demand for automobiles softened. Growth in Chinese manufacturing activity, meanwhile, unexpectedly stalled in July as demand at home and abroad weakened.