Brent drops 2.5% on concerns over Chinese economy

Brent continued to fall as the US market opened on Monday, dropping around 2.5% while deepening losses for the third day and hit a 1-week low on fears over the Chinese economy.

Brent crude fell 2.5% to a 1-week low at $73.61 a barrel, after opening at $75.44, and hit a high at $75.45.

Brent fell 0.4%  on Friday, the second straight daily loss after hitting a 6-week high at $76.10 a barrel.

Oil prices gained around 3.5% last week, the fourth straight weekly gain, thanks to hopes of strong demand in the US.

As for Evergrande, the world's most indebted real estate developer, doubts about the Chinese company's ability to meet its obligations have raised concerns about the integrity of the Chinese real estate and credit markets.

The People's Bank of China has injected about 90 billion Chinese yuan ($14 billion), in attempts to ease global markets' concerns about the world's second largest economy.