Oil prices fall 8.7 percent as Brent settles at $88.36 per barrel

NEW YORK (WAM)

Oil prices closed at their lowest levels in more than a week on Monday.

Brent crude futures fell by $8.42, or 8.7 percent, to settle at $88.36 per barrel, while US West Texas Intermediate crude dropped by $6.70, or 7.5 percent, to $82.61 per barrel.