(MENAFN- ProactiveInvestors)
Crude oil futures settled at their lowest levels since March 20 today after a steep drop in China's stock markets spread concerns about the economic health of the world's biggest energy consumer amid evidence of a growing crude glut.
Oil was also pressured by the sharp increase in U.S. drilling activity last week after data on Friday showed producers added 21 rigs.
U.S. crude for September ended down 1.6% at US$47.39 a barrel.
Brent crude for September was over 2.5% lower at US$53.38.
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