The overarching concern is that the supply-demand dynamic isn't balanced so the selling will continue, Mr Doyle said. "People use all that jobs data as another indication there's softening of demand," he said. "To them, that's just a confirmation of what they've already seen for the past three weeks.
The news followed slower-than-expected US jobs growth in data released Friday. "The economic malaise hanging over the market seems to be driving us lower," Gene McGillian, a broker and analyst at Tradition Energy, said.
Oil prices slid to new lows Monday, including Brent crude's first move below $US100 a barrel in more than a year, on concern that demand won't rise fast enough to absorb new supply.
Read more here: Business Spectator