Oil falls 1 percent on weak China outlook, higher Libya production

The Chinese central bank cut benchmark lending and deposit rates a day before it released official data that showed a second consecutive month of shrinking manufacturing activity for February. Brent crude (LCOc1) was down 52 cents at $62.06 a barrel by 0044 GMT after posting an 18-percent gain in February, the largest monthly rise since May 2009. Iraq's Oil Minister Adel Abdel Mehdi said on Sunday world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65.

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