Oil fell over 5% today as further indicators of falling global demand linked to a potential recession offset OPEC plans to reign in output.
US crude fell $3.65 to $64.16 a barrel by this evening. London Brent crude dropped $4.18 to $61.14.
US factory activity - a barometer for future oil demand - contracted sharply in October, falling to its lowest in 26 years as the financial crisis racked the world's largest economy.
Crude futures had surged higher on Friday, ending a month marked by a record plunge, as a Wall Street stocks rally dampened concerns about demand in a slowing global economy.
Despite Friday's gains, the New York benchmark contract tumbled by a record 32.6% in October.
