Oil prices slumped to six month lows on Monday with Brent – the global benchmark for crude – down 4.3 percent to bottom at 49.99 dollars a barrel the lowest since January.<br /><br /> Sluggish data from China, the world’s largest energy consumer, played a part as did evidence of growing global oversupply.<br /><br /> One recent survey showed output by the Organization of the Petroleum Exporting Countries – OPEC – reached the highest monthly level in recent history in July.<br /><br /> US consumer spending advanced at its slowest pace in four months in June and demand for cars softened. <br /><br /> “Economic weakness has set the tone,” reflected one analyst on the price drop.
