Oil futures suffer first decline in 5 sessions

Oil futures settled sharply lower on Monday, with downbeat economic data from China raising concerns over the outlook for energy demand, helping prices log their first decline in five sessions.

March West Texas Intermediate crude CLH6, -1.74%  settled at $31.62 a barrel, down $2, or 6%, on the New York Mercantile Exchange. The decline came after oil posted a gain of roughly 10.8% over the past four trading sessions in a row.

April Brent crude LCOJ6, -1.72% on London’s ICE Futures exchange fell $1.75, or 4.9%, to $34.24 a barrel.

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