Oil prices kicked off the week in the red and traded near multi-month lows on Monday, in response to widening concerns over excess supply and weak demand. Over the weekend, China released disappointing economic data , clouding the demand outlook for the world’s second-biggest oil consumer. Meanwhile, the number of oil drilling rigs in the U.S. rose last week, underscoring concerns that the supply glut is unlikely to abate soon. “The prospect that crude oil prices will retest the lows hit earlier in the year has caught the market off guard,” said David Hufton at brokerage PVM. “Sadly there is no relief in sight and the technical knives are out, with the years lows well within range.” Brent crude, the global oil benchmark, fell 0.3% to $48.50 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.3% at […]