The price of oil sank to its lowest since mid-December on Monday, April 15 as a slowdown in China's growth added to doubts about the strength of the world economy, according to The Associated Press.
Benchmark crude for May delivery was down $2.55 to $88.74 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.22 to $91.29 on Friday.
China's slowdown, weak economic reports from the U.S. and Europe's malaise suggest demand for crude and refined fuels won't be strong enough to absorb the ample supplies on the world market, which is pushing down the oil price.
The Chinese government on Monday said growth in the world's second-largest economy slowed to 7.7 percent in the first quarter from 7.9 percent in the final quarter of last year. Growth was expected to accelerate slightly after several quarters of decline.
Brent crude was down $2.09 to $100.95 a barrel on the ICE futures exchange in London.
