(MENAFN- ProactiveInvestors)Oil futures were heading lower on Monday as the market continues to be seeped in turmoil and investors were put off by Chinese data. The manufacturing data showed a slowdown at the fastsest pace in three years adding to the already big fears on China's growth trajectory or the pace of it. It comes after there appeared to be a glimmer of light last week as oil prices firmed on a possible bid by OPEC to stem the problem of oversupply which has prompted the glut. Today in futures trading Brent crude for March delivery was down 4.047% at US$34.58 a barrel. Meanwhile the US benchmark West Texas Intermediate for March delivery shed 4.8% to stand at US$32.08 a barrel. Spot Brent is at the time of writing down 4.17% to stand at US$ 34.49 a barrel. Brent crude prices have surged more than 30% in just under two weeks since prices hit a 12 year low - but are still not a good deal above the psychologically significant level of US$30 per barrel.
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