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Global crude oil prices plunged by more than $2 a barrel on Monday, as the prospect of successful Middle Eastern peace talks eased supply concerns while growing signs of economic weakness in China, the world's largest oil importer, raised alarms about future demand.

Brent crude futures dropped $2.02 or 2.5%, settling at $77.66/barrel.

WTI crude fell by $2.28 or 3%, closing at $74.37/barrel.

The sharp decline was exacerbated by the latest data from China, where new home prices have fallen at their fastest pace in nine years, underscoring the severity of the economic slowdown. Furthermore, Chinese refineries significantly reduced crude processing rates last month in response to a slump in fuel demand amid the ongoing decarbonization of the transportation sector that has eroded demand and added to the bearish sentiment in the oil market.