PARIS (AFP) - Oil fell further in Monday with no data out of China, Europe or the United States to ease investor concerns about a global slowdown.
Brent North Sea crude for July shed $1.05 to $97.38. Brent oil slumped 15 percent during May, with WTI collapsing by almost 18 percent as markets digested a slew of weaker-than-expected data for all the major economies.
Depressed purchasing manager surveys for May in India, China, the United States, eurozone nations and other countries all indicated slower economic growth globally, lowering expectations for oil demand.
On top of that came Friday’s release of the US monthly employment report for May, which showed a sharp decline in job creation. The US economy added just 69,000 jobs in May, less than half of what was expected, with the unemployment rate rising to 8.2 percent. Household income and spending data released last week also showed Americans — the world’s top oil consumers — tapping more into their savings, a likely signal of more strain on spending.