Positive economic news from Europe wasn't enough to give oil prices a lift in Monday trading as last week's slump bleeds over into March.

The price for Brent crude oil, the global benchmark, was down more than 2.5 percent in early Monday trading, threatening to drop back below the $60 per barrel mark. Brent crude oil prices surged more than 15 percent from their $51.74 per barrel start of February, though the rally fizzled out last week on signs the market still favored the supply side.

Oil prices are off about 45 percent from their June 2014 highs above $100 per barrel because of supply and demand dynamics. Last week, the U.S. Energy Information Administration reported U.S. oil production of around 9.2 million barrels per day, close to an all-time record. Oil markets last week were pressured further by EIA data showing crude oil inventories in the United States at an 80-year high.

November's decision by the Organization of Petroleum Exporting Countries to keep production static despite a weak market pushed crude oil prices to historic lows. A survey from Bloomberg News finds oil production from Saudi Arabia, the de facto head of OPEC, surged 130,000 barrels per day in January to 9.85 million bpd, the highest level since late 2013.

Markets have yet to balance on demand amid signs the global economy has to fully recover from the recessionary meltdown that began in 2008-09. The low price of oil is, however, adding momentum to economies that rely heavily on imports.

Eurostat, the statistical office for the European Union, said Monday the seasonally adjusted unemployment rate for January of 11.2 percent was the lowest rate recorded in the regional economy since April 2012.

The price for West Texas Intermediate, the benchmark in the United States, is still unable to hold above the $50 mark. WTI priced for April delivery was $48.99, down 1.5 percent from the previous session.