Oil prices plummeted at Monday's close of trading, hitting their lowest levels in over a week.
Brent crude futures took the biggest hit, falling by $8.42 or 8.7% to settle at $88.36 per barrel. This marked the lowest closing price for Brent since July 17.
U.S. West Texas Intermediate (WTI) crude futures also declined, dropping $6.70 or 7.5% to close at $82.61 per barrel.
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