Oil settles under $48 for eighth loss in nine sessions

Oil futures settled on Monday at their lowest levels since March, with U.S. prices under $48 a barrel, pressured by a weekly climb in U.S. oil-drilling rigs as a steep plunge in the Shanghai stock market fed worries about a slowdown in Chinese energy demand.

West Texas Intermediate crude CLU5, -0.44%  fell by 75 cents, or 1.6%, to settlement $47.39 a barrel on the New York Mercantile Exchange. Brent crude LCOU5, -0.64% the global oil benchmark, fell $1.15, or 2.1%, to $53.47 a barrel on London’s ICE Futures exchange. Both marked their lowest settlements since roughly mid-March.

The Shanghai Composite Index SHCOMP, -1.00%  slid 8.5% Monday, its worst daily percentage-point fall since February 2007, as worries mount that authorities are pulling back on measures to prop up the market.

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