Abu dhabi: Oil prices closed at their lowest levels in more than a week on Monday. Brent crude futures fell by US$8.42, or 8.7 percent, to settle at US$88.36 per barrel, while US West Texas Intermediate crude dropped by US$6.70, or 7.5 percent, to US$82.61 per barrel.

According to Emirates News Agency, the significant drop in oil prices reflects market reactions as traders adjust to current conditions. The decrease in prices marks a notable shift in the oil market, which had previously been experiencing fluctuations due to varying global economic factors.