Oil sinks to six-month low amid weak data, slump in gasoline

Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer. Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data. "Economic weakness has set the tone," said Matt Smith, director of commodity research at ClipperData, a New York-based energy database.