Crude Oil Falls Below $125 a Barrel

Crude futures were sliding Monday after a report signaled that demand for oil and refined products in China may be slowing because of high commodity prices.

West Texas crude for June delivery was down $1.26 at $124.70 a barrel, and Brent crude was $1.76 lower at $123.64 a barrel.

Reformulated gasoline was losing 2 cents at $3.18 a gallon, and heating oil was falling 6 cents at $3.58 a gallon. Natural gas was off 8 cents to $11.46 per million British thermal units.

Weakening crude oil on Monday was new data showing that oil consumption in China declined in April due to elevated commodity prices. The data are among the first indications that soaring oil prices might be affecting demand for petroleum products in emerging markets.

Meanwhile, energy stocks were mixed. BP(BP Quote - Cramer on BP - Stock Picks) was 1.1% higher at $72.91, and Exxon Mobil(XOM Quote - Cramer on XOM - Stock Picks) was up 0.4% at $89.19.

Shares of ConocoPhillips (COP Quote - Cramer on COP - Stock Picks) and Chevron (CVX Quote - Cramer on CVX - Stock Picks) were down 0.4% and 0.2%, respectively.

Among exchange-traded funds, the United States Oil (USO Quote - Cramer on USO - Stock Picks) was down 1.3%, and the iPath S&P GSCI Crude Oil Total Return Index (OIL Quote - Cramer on OIL - Stock Picks) was giving back 1.1%.