The prices of oil futures continued to slump on Monday, as concerns over a dark economic outlook proceeded to rattle the markets.
As the Federal Reserve battles the soaring inflation, many are concerned that the world's largest economy could be headed for a recession, which in turn seemingly dampened the demand for crude.
West Texas Intermediate (WTI) for settlements in November sank 1.18% at 1:39 am ET to sell for $77.81 per barrel, while Brent for the same month's deliveries tumbled 1.15%, selling for $85.20 per barrel, at 1:42 am ET.
