Oil prices drop 4% to three-week low

Oil prices fell by around 4% during trading on Monday, reaching their lowest levels in nearly three weeks as both Brent crude and West Texas Intermediate declined.

Brent crude futures for the nearest delivery dropped by $3.11, or 3.71%, to settle at $80.66 per barrel, after hitting an intraday high of $86.33.

US West Texas Intermediate crude also declined by $3.58, or 4.46%, to $76.76 per barrel, after reaching a session high of $82.33.

With this decline, oil prices have reached their lowest point in about three weeks, according to available data.