Oil prices dropped on Monday, nearing their lowest level this year, in line with another decline across global stock markets.
The price of oil has fallen by more than 30% this quarter to its lowest since the third quarter of 2017, as investors have grown increasingly wary of the impact to global growth, and crude demand, from an escalating trade dispute between the U.S. and China.
Brent crude futures were down 58 cents at $53.24 a barrel by 820 pm IST, having fallen from a session high of $54.66, while U.S. crude futures fell 90 cents to trade at $44.69.