LONDON: Brent crude oil slipped to $103 per barrel on Monday as an uncertain outlook for growth in the world's two largest oil consumers, the United States and China, encouraged commodities markets to consolidate.
Oil rallied from nine-month lows last week on expectations that stronger global economic activity would encourage more fuel consumption, but disappointing data capped the recovery.
The US Commerce Department reported on Friday that the world's largest economy grew at an annual rate of 2.5 percent in the first-quarter, below market expectations of 3 percent.
"Disappointing GDP data for the United States has raised concerns about the level of oil demand and led to some profit-taking after recent big gains," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.
"Commodities are down across the board. As long as the economic outlook remains unclear, oil will struggle to rise."
Brent lost 16 cents to $103.00 per barrel by 0835 GMT, after last week racking up its biggest one-week gain since November 2012.
US crude was up 15 cents at $93.15 a barrel, after sliding to below $86 mid-month from almost $98 at the beginning of April.
Brent is more than 6 percent below its starting point in April, pressured by data suggesting the global economy remains on a fragile footing at best.
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