Brent Crude Tumbles Nearly 5%, WTI Falls Over 4.6%
Oil prices plummeted on Monday morning at the opening of Asian trading hours.
The price of North Sea Brent crude for September delivery dropped by 4.69 percent, trading at $83.81 a barrel by 22:50 GMT on Sunday.
This decline was mirrored in its U.S. counterpart, West Texas Intermediate (WTI) crude, which fell by 4.67 percent to trade at $80.72 a barrel.