ALEX VEIGA, AP Business Writer

The price of oil is sliding as traders brace for softer demand amid an increase in the number of active rigs and weak U.S. economic reports on construction spending and manufacturing activity.

U.S. crude was down $1.80, or 3.8 percent, to $45.32 a barrel in trading in New York Monday, the lowest price in more than four months.

Benchmark U.S. crude has been declining since reaching a high this year of $61.43 a barrel on June 10. It’s down 15 percent so far this year.

Brent crude, a benchmark for international oils used by many U.S. refineries, was down $2.38, or 4.6 percent, to $49.83 a barrel in London. It’s down 13.percent this year.