NEW YORK?World oil prices slid on Monday after Japan reported a sharp slowdown in second quarter growth, fanning worries about weak energy demand.
New York's main contract, light sweet crude for delivery in September, dipped 15 cents to $75.24 a barrel.
London's Brent North Sea crude for September dropped 26 cents to $74.85, after earlier hitting a one-month low at $74.53.
"It has been a quiet summer trading day. The volumes were low across the board and there was not a lot of direction on the economic front," said analyst John Kilduff at Again Capital.
"After the extended losses from last week, it?s a little disappointing not to make any back," he said.
In Japan, the world's third biggest oil consuming nation, gross domestic product (GDP) grew by an annualized 0.4 percent in the three months to June, down from a revised 4.4 percent in the previous three months, data showed.
The GDP figure dashed market expectations for 2.3-percent growth.
"It seems that market participants remained cautious after the release of the Japanese figures while risk-aversion is back... amid these uncertain economic conditions," said Sucden analyst Myrto Sokou.
Crude futures fell for the fourth consecutive day on Friday amid stubborn concerns over the global economic recovery and despite upbeat growth data in Europe.
"Economic uncertainty continues to haunt the crude market, with rising concerns over the 2011 energy demand outlook, as downside risks to the ongoing economic recovery remain and plentiful crude stockpiles provide a handy supply cushion to secure from disruptions," VTB Capital's Andrey Kryuchenkov said.
Jitters over the US and Chinese economies, the world's top two energy-consuming nations, are also putting a dampener on oil prices, according to Tony Nunan, a risk manager with Mitsubishi Corp in Tokyo.
"The United States and China slowing down has got the markets a little concerned," he told AFP.
He added that the outlook for both economies was "less bullish than before" and was offsetting strong European economic data.
