OANDAOil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China’s economy.
International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months.
Brent was down $1.46 at $48.59 a barrel by 8:35 a.m. (1235 GMT). U.S. crude, which had rallied 12 percent last week, dropped $1.22 to $44.
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