Brent crude dipped towards $66 a barrel on Monday as weak Chinese data adds to demand fears, while near-record supplies from OPEC producers maintained worries about oversupply.

China, the world’s second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday. The sub-50 point level indicates a contraction compared with the previous month.

The data came on the heels of a top government think tank’s forecast that China’s economic growth could slow further to 6.8 percent in the second quarter.

Source: Reuters.