Investing.com - Brent crude oil fell over 3% on Monday as China's economic slowdown dented the outlook for demand, with traders placing record bets on even lower prices as they increasingly lose faith in a significant market recovery.
Global benchmark Brent was at $33.18 per barrel at 11.46 GMT after falling to earlier lows of $32.84, and U.S. West Texas Intermediate crude was down 1.88% at $32.53.
Monday's decline adds to last week's more than 10% drop in both Brent and WTI prices to start the year.
Morgan Stanley (N:MS) said on Monday that oil prices in the $20 per barrel region were possible, especially if the dollar rises more against other currencies.
Oil prices have already fallen over 70% since mid-2014 as soaring global production continues to outstrip demand.