Oil prices fall on global glut fears

Oil prices fell on Monday as oversupply concerns, a firmer dollar and lackluster US non-farm payrolls data weighed on global markets, but a rebound in Chinese stocks after a two-day holiday helped prop up prices. The long Labor Day holiday in the United States may also lead to thin trading until U.S. markets open in the next session. Brent crude for October delivery LCOc1 fell 49 cents to $49.12 a barrel as of 0621 GMT, after ending the previous session down $1.07, or 2.1 per cent. The European benchmark fell almost 1 per cent last week. US crude for October delivery CLc1, also known as West Texas Intermediate, was down 41 cents at $45.64, after settling 70 cents down, or 1.5 per cent, in the previous session. Investors are now waiting for second-quarter Eurozone GDP growth figures on Tuesday to give oil further direction, according to Reuters.

-Shuvo-