Oil Extends Losses on Global Slowdown and Chance of More Supply

(Bloomberg) — Oil declined for a third day as a deepening global slowdown looked set to coincide with an increase in supply from OPEC producers.

West Texas Intermediate futures slid toward $88 a barrel after falling around 5% over the previous two sessions. Mounting signs of an economic downturn swept through markets on Monday as bearish U.S. data including rapidly cooling manufacturing followed weaker-than-expected Chinese numbers.