(REUTERS) — 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.
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.
On Monday, the rout deepened as U.S. gasoline fell its most in a day in 10 months.
Advertisement - story continues below
Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.