(VOVworld)- Brent crude oil fell over 3 percent on Monday as China's economic slowdown dented the outlook for demand, with traders placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. 

An oil pump jack can be seen in Cisco, Texas, August 23, 2015. Reuters/Mike Stone

Global benchmark Brent was down over a dollar and more than 3 percent at $32.51 per barrel, and U.S. West Texas Intermediate (WTI) crude was down over 2.5 percent at $32.28. The falls came as speculators increased their net-short positions, which would profit from prices falling lower, to a record high in the week to last Tuesday, in a sign that they are losing faith in a price rise anytime soon. Traders have also drastically cut their net-long positions which would benefit from higher prices.