NEWS： Oil prices fell 2% on fears of a weakening global economy
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Oil prices fell more than 2% on Monday and took a breather after the recent rebound as data showed weak imports and exports from China, prompting renewed concerns among investors that the global economic slowdown would hurt crude oil demand.
Brent crude oil futures fell $1.49, or 2.5%, to close at $58.99 a barrel. U.S. crude oil futures fell $1.08, or 2.1%, to close at $50.51 a barrel.
Oil prices have risen by more than 18% since falling to a year-and-a-half low at the end of December.
"Therefore, we believe that today's price decline should be corrected," Jim Ritterbusch, president of Ritterbusch and Associates, said in a report. "Some of the weaknesses seem to have been accompanied by a sell-off in the stock market. Given that domestic fundamentals have not improved this year, it is clear that some profits have been paid off."
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