Oil prices plummeted on Monday morning at the opening of Asian trading hours.
The price of North Sea Brent crude for September delivery had dropped by 4.69 percent, trading at $83.81 a barrel, while its U.S. counterpart, West Texas Intermediate (WTI) crude, fell by 4.67 percent to trade at $80.72 a barrel.
The sharp decline in oil prices comes as the global economy faces uncertainty and inflationary pressures.
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