Oil tumbles further, down over 5%
The prices of oil futures continued falling during the Monday session, as supply concerns subsided on renewed hopes that the agreement on the Joint Comprehensive Plan of Action (JCPOA) might be reached soon, which could in turn lead to the easing of sanctions against Iran and boost the oil production.
Meanwhile, the current state of China's economy has dimmed the global demand projections, as the country is one of the biggest crude importers.
West Texas Intermediate (WTI) for settlements in September nosedived 5.09% and sold for $87.38 per barrel at 7:54 am ET, while Brent for deliveries in October plummeted 5.05%, selling for $93.32 per barrel a minute later.