Oil stayed in the red on Monday on supply concerns despite partly recovering from earlier losses after a private business survey showed an improvement in China’s manufacturing sector in February. “The key drivers over the next few months are going to come from supply dynamics more than demand dynamics,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. Brent crude (LCOc1) was down 34 cents at $62.24 a barrel by 2248 ET after an 18 percent gain in February, the largest monthly rise since May 2009.