PERTH, Feb. 1 (Reuters) – Oil prices fell on Monday, extending the worst loss in 13 months in January on concerns about global growth and sluggish oil demand.

Fresh economic data out of China, the world's second-largest energy consumer, heightened concerns that Beijing would further tighten monetary policy.

An official purchasing managers index remained firmly in expansionary territory, while a companion poll by HSBC scaled an all-time high – with both reports showing evidence of a further increase in cost pressures.

US crude for March delivery fell 24 cents to $72.65 a barrel by 0524 GMT. London Brent crude fell 26 cents to $71.20.

Oil prices ended January down more than 8 percent, pressured by data showing tepid energy demand in the United States, worries about fiscal turmoil in smaller euro zone countries and a stronger US dollar.

''The cold weather premium is coming off and investors have to consider the pace of global economic recovery, actual oil demand and a strengthening US dollar,'' said Benson Wang, an oil trader at Commodity Broking Services in Sydney.

''Looking at how crude oil prices have collapsed in the last 1-2 hours of trading in the past few sessions, I think it shows a trend whereby investors are trying to get out of their long positions.''