This is reported by Censor.NET citing RIA Novosti.
As at 07:07 a.m. MSK, October futures for WTI oil fell by 2.52 per cent to $39.44 a barrel. October futures for North Sea Brent Blend fell by 2.09 per cent to $44.51 a barrel.
On Monday, the index of the Shanghai stock exchange dropped by more than 8 per cent, in defiance of the authorities' decision to allow investment of pension funds in stocks. Fears for China's economy make investors believe that other Asian economies could slow down their growth, which may result in an oil demand contraction.
"Supply excess continues to impact investors. The market shows concerns about the prospects of Iran's oil production and supply growth," Reuters cites ANZ analysts.