Oil prices declined on Monday as investors renewed concerns for a global growth slowdown, Trend reports citing Xinhua.
Analysts said oil prices were weighted down by the expectations of weaker economic growth which would lead to weaker crude oil demand.
The West Texas Intermediate for February delivery fell 1.08 U.S. dollars to settle at 50.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery erased 1.49 dollars to close at 58.99 dollars a barrel on the London ICE Futures Exchange.