Oil drops as oversupply, economic growth worries weigh | Reuters

Oil drops as oversupply, economic growth worries weigh | Reuters:

Oil prices fell more than 2 percent on Monday, with U.S. crude hitting the lowest since September 2017, on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand. 

Brent crude oil LCOc1 fell 67 cents, or 1.11 percent, to settle at $59.61 a barrel after dropping to a session low of $58.83 a barrel. U.S. crude CLc1 dropped $1.32, or 2.58 percent to end the session at $49.88 a barrel and tumbled to a low of $49.09 a barrel.

U.S. crude futures fell after inventories at the storage hub of Cushing, Oklahoma rose by more than 1 million barrels from Dec. 11-14, traders said, citing data from market intelligence firm Genscape.