* Fall in China equities weighs on prices: analyst
* US Labor Day holiday keeps trade thin
* Investors awaiting monthly oil, euro zone GDP data

Reuters/London

Oil fell around 2% on Monday as Chinese equities weakened, with a firmer dollar and global oversupply also weighing on prices.

The US Labor Day holiday helped keep trade thin.

China's main indexes closed down on Monday as investors sold shares in the aftermath of a four-day market holiday, during which further restrictions on futures trading were announced.

‘Oil is only taking its cues from China,’ SEB chief commodity analyst Bjarne Schieldrop said.

‘The price is taking little notice of constructive data like stronger (European) equities, stronger base metals and last Friday's fall in US rig count,’ he said.

Brent crude for October was down 90 cents at $48.71 a barrel by 1440 GMT, having reached an intraday low of $48.42. US crude for October was down 75 cents at $45.30, having reached an intraday low of $48.42.

Oil has fallen almost 60 percent since June 2014 on a global supply glut, with prices seesawing in recent weeks as concerns about a slowing Chinese economy caused turmoil in global stock markets.

‘For commodities, the key demand-side figure to care about is not China's GDP growing at 7 percent instead of 9 or 10 percent, it is the manufacturing price index, which has been falling for more than 40 months in a row,’ JBC Energy said.

High supply will be swelled further from the North Sea, where crude oil output tracked by Reuters will rise to its highest in just over two years in October, according to loading schedules, adding to ample Atlantic Basin crude supplies.

The dollar has strengthened since late August and this has also hurt oil prices by making the commodity more expensive for holders of other currencies.

The year-long decline in oil prices caused more than 5,000 job losses in Britain's North Sea oil and gas sector since late last year, the country's Oil and Gas Authority said on Monday.

Investors are awaiting euro zone second-quarter gross domestic product figures on Tuesday, followed by monthly global oil supply and demand data from US and global energy authorities to give oil further direction.