Brent dives to 1-1/2 month low

Brent crude prices continued to drop as the US market opened on Monday, to deepen losses for the fourth straight day, and hit its lowest in a month and a half, after Saudi Arabia cut official oil selling prices to Asia, and China's imports declining.

Brent fell 1.8% to lowest since July 30 at $41.54 a barrel, after opening at $42.30, with a high of $42.42. 

Brent futures fell 3.8% on Friday, posting the third straight daily loss on global demand fears.

Oil prices lost around 3.5% during the past week, posting the biggest weekly loss since April, on renewed demand concerns, after a drop in the US and UK fuel consumption.

The world's top oil exporter, Saudi Arabia, has lowered its October official selling price for light crude sold to Asia, the largest price cut since May, a sign on a weak Asian demand.

This Saudi move sparked speculation of a global price war, as Asia is the world's largest oil import.

Saudi Arabia also cut selling prices to the US for the first time in 6 months, in a similar sign of weak US demand.

From China, the General Administration of Customs revealed on Monday that Beijing slowed oil imports in August, after hitting records in July.