Commodities started out the week on a low note after tumbling on Friday in response to weak data from some of the world's largest economies. Brent crude oil hit a new nine month low on Monday morning and traded at $101.46 at 7:12 GMT.
On Friday, data from China showed that the number two oil consumer's economy wasn't in line with analysts' expectations.
According to CNBC, the nation's annual growth rate in the first quarter of 2013 fell to 7.7 percent from 7.9 percent in the last quarter of 2012. The slide came as a shock to economists who had expected to see growth of 8 percent.
The Chinese data came on the heels of a US report that showed the nation's retail sales fell in March for the second time in just three months. The sales data gave investors reason to believe that the US economy stalled in the first three months of 2013.
Weak economic data from the US and China compounded concerns stemming from reports released by the International Energy Agency, the US Energy Information Administration and the Organization of the Petroleum Exporting Countries; all of which forecast dropping global oil demand growth in 2013.
Brent also came under pressure on Monday when the World Bank reduced its 2013 growth forecast for East Asia, warning that inflation and asset bubbles were a major risk in that region. The bank also reduced its GDP growth expectations for China to 8.3 percent for 2013, 0.1 percent lower than its previous forecast.
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