Brent crude prices plummeted to their lowest point since early June, settling around $78.8 a barrel. The decline was fueled by growing fears over oil demand in China, the world's largest oil consumer.
Recent data revealed an 11% drop in China's fuel oil imports during the first half of the year. Furthermore, weak GDP figures and the Chinese central bank's surprise interest rate cut last week to boost the economy have heightened concerns about China's overall economic health, exerting downward pressure on oil prices.