Oil prices fell on Monday in Asia amid concerns of a broadening global economic slowdown which could threaten demand for crude.
U.S. Crude Oil WTI Futures fell 0.8% to $58.56 by 1:00 AM ET (05:00 GMT). International Brent Oil Futures was down 0.7% to $66.31.
The IHS Markit preliminary Purchasing Managers’ Index, led by Germany, plunged to 44.7 in March, its lowest level since 2012 and well below economists’ expectation of 48, data showed on Friday. It was the index’s third-consecutive reading below 50 and came as new orders and employment declined.