New York:Oil prices fell more than 7% at settlement on Monday. Brent crude futures settled $8.66, or 7.63%, lower at $104.77 a barrel. US West Texas Intermediate (WTI) crude fell $7.66, or 7.36%, to $96.46 a barrel.
According to Saudi Press Agency, the decline in oil prices was observed during the trading session on Monday, with significant drops in both Brent and WTI crude futures.
Further details on the factors contributing to the sharp decline in oil prices were not provided in the report.