The energy commodity also was under pressure as the sovereign debt crisis continue thrashing about the euro zone, undermining demand. The U.S. Commerce Department said last week that gross domestic product growth during the first quarter of 2012 was lower than that of the final quarter of last year. China also reported a slower gain in GDP during the first quarter of the year.
"The disappointing GDP data continued a trend of recent weeks in which economic releases have been tilting toward the bearish side," states a report authored by energy trader and consultant Ritterbusch and Associates. "This has conjured up images of further petroleum demand slippage especially when combined with slowed growth indications out of China."
At 7:53 a.m. on Monday, crude oil futures fell 0.44 percent, a 53 cent drop to $119.30 per barrel.
Bloomberg reports the economy of Spain shrank during the first quarter of the year as the nation enters its second recession in three years.
The price of oil is driving toward its first monthly losses in four months, according to Bloomberg.
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