Oil Prices Plummet to 12-Day Low Amid Market Supply Worries

Oil prices plummeted to their lowest point in 12 days on Monday as Brent and West Texas Intermediate (WTI) futures fell below $100 per barrel. The slump was triggered by traders reassessing market supply prospects and broader economic conditions.

Brent crude futures for November delivery dropped $3.48, or 3.35 percent, to $100.39 a barrel. US WTI crude futures for October delivery took an even bigger hit, plummeting $4.64, or 4.63 percent, to $95.66 a barrel.

The November contract for WTI settled at $92.34, marking the lowest level since September 9. The market sell-off is likely to continue unless there's a significant shift in supply and demand dynamics.