A string of reports highlighting sluggish growth in some of the world's biggest economies drove oil prices lower on Monday.

Crude for November delivery settled down 96 cents or 1% to $91.93 a barrel on the New York Mercantile Exchange.

German think tank Ifo said business sentiment in the Eurozone's biggest economy fell in September for a fifth straight month. A separate report said China's manufacturers and retailers are less optimistic about sales than they were three months ago.

Markets also reacted to comments from Song Guoquing, an adviser to China's central bank, that the nation's economy is failing to show signs of recovery in the third quarter. China is the world's second largest oil consumer.

Fears about Europe's debt crisis were also rekindled after Spain's finance minister Luis de Guindos says the country is in no hurry to ask for financial aid.

Brent crude on the ICE futures exchange settled down $1.61 or 1.4% to $109.81 a barrel.

US economic data failed to provide any cheer after the Federal Reserve Bank of Chicago's National Activity index, which is seen as measure of the broader US economy, fell in August. The report, from the world's largest oil consumer, raised fresh concern over oil demand.

Among precious metals gold retreated 0.8% on Monday as the stronger dollar chipped away demand for the yellow metal.

Gold for December delivery lost $13.40 to settle at $1,764.60 an ounce on the Comex division of the New York Mercantile Exchange.

Losses were seen across the board with palladium for December delivery eduring a steep sell-off, down $26.05 at $645.50 an ounce.


CJ

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