Michael Galvis: Oil falls below $41 a barrel.

LONDON (Reuters) — Oil fell below $41 a barrel on Monday as a deepening U.S. recession shrank demand in the world’s top fuel burner and evidence mounted of a global downturn.

Growing concern over poor economic data and falling corporate profits took a toll on equity markets, which hit a one-week low and sent the euro to a two-month trough against the dollar.

The price of crude has plunged by more than $100 from its peak near $150 last July as energy use slows worldwide.

U.S. light crude for March delivery fell $1.26 to $40.42 a barrel by 7:41 EST, after gaining as much as 63 cents in early trade.

London Brent crude shed $1.11 to $44.77 a barrel.

“Demand concerns are still weighing on prices, with the macroeconomic outlook still pretty bleak,” said Andrey Kryuchenkov, Vice President of Commodities at VTB Capital in London.

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