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On Monday, August 5, a global financial market rout drove crude oil prices to fresh seven-month lows as traders assessed ongoing signs of a global economic slowdown.

Brent settled at $76.30/barrel, down 51 cents or 0.66%, marking the lowest levels since January.

WTI crude dropped 58 cents, or 0.79%, to $72.94/barrel.

Equity markets tumbled from Asia to North America, with investors retreating from riskier assets. The turmoil prompted speculation that the Federal Reserve might need to implement rapid interest rate cuts to spur U.S. economic growth. However, concerns over potential further supply disruptions due to escalating tensions in the Middle East helped limit oil's losses throughout the day.

Written by: Rochelle Nguyen