Oil Prices Fell To Their Lowest Levels In Seven Months On Monday Pressured By A Global Financial Market Rout

Oil Prices Drop to Seven-Month Lows Amid Global Market Rout

Oil prices fell to their lowest levels in seven months on Monday, pressured by a global financial market rout.

Brent crude for October loading settled 51 lower at $76.30 per barrel, while WTI crude for September delivery closed at $72.24 per barrel, down 53 cents.

The decline in oil prices came as global stock markets tumbled amid concerns over the potential impact of the coronavirus pandemic on the global economy. Investors sold off risky assets, including oil, in favor of safer investments such as gold and bonds.

The global financial market rout has also weighed on demand for oil, as businesses and consumers cut back on spending. The International Energy Agency has cut its forecast for global oil demand in 2020 by 1 million barrels per day, citing the impact of the coronavirus pandemic.

The decline in oil prices is likely to put pressure on oil producers, who are already facing weaker demand and lower prices. Several oil companies have announced plans to cut production in an effort to support prices.