London — Oil prices fell on Monday, as concern over the global economy put crude on track for its biggest monthly fall since mid-2016. Brent crude oil futures were down 34c at $77.28 a barrel at 10.05am GMT, while US crude futures fell by 30c to $67.29. Even with US sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7% in value this month, the largest percentage decline since July 2016. Industrial commodities such as crude and copper have been rattled by hefty losses in global equities due to concern over corporate earnings, fears over economic growth amid escalating trade tensions, and a stronger dollar. “It is often said that when stock markets sneeze, commodities catch a cold. This adage was on full display last week as a global rout on equity gauges dragged the energy complex lower,” PVM Oil Associates strategist Stephen Brennock said. “Adding a further tailwind to the prevailing selling pressures are mounting concerns of a budding oversuppl...

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