Oil fell below $41 a barrel Monday as a deepening US recession shrank demand in the world's top fuel burner and evidence mounted of a global downturn. Growing concern over poor economic data and falling corporate profits took a toll on equity markets, which hit a one-week low and sent the euro to a two-month trough versus the dollar. The price of crude has plunged by more than $100 from its peak near $150 last July as energy use slows worldwide. US light crude for March delivery fell $1.15 to $40.53 a barrel by 1059 GMT, after gaining as much as 63 cents in early trade. London Brent crude shed $1.03 to $44.85 a barrel. “The slew of economic and oil demand data which came out of the US last week was all pretty negative energy demand outlook,” said David Moore at the Commonwealth Bank of Australia. A report from the US Energy Information Administration on Friday showed U.S. oil demand in November was 305,000 barrels per day (bpd) less than previously estimated and was down 1.577 million bpd from a year earlier. Investors were awaiting Monday's U.S. economic indicators for a fresh assessment of the world's largest economy. Data due to be released include personal income and consumption, construction spending for December.
