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Crude oil plunged below $70 on Monday as stocks around the world fell, renewing concerns for energy demand. With the drop, oil gave back a good portion of its monthly gains.
Light sweet crude for October delivery dropped to $69.96 per ounce, down $2.78 on the session. Prices fell as low as $69.13 earlier in the session. For the month of August, oil finished up about 0.7%.
The Shanghai market dropped nearly 6.7%. China is the second-largest oil consumer in the world. U.S. and European equities are saw weakness.
On the economic front, the Chicago purchasing manager's index rose to 50.0 in the month of August. A reading of 43.4 was reported last month. Traders also awaited the release of key employment reports later in the week.
Investors also looked ahead to the Energy Information Administration's weekly inventory report on Wednesday morning. Last week's data showed crude oil inventories increased by 200,000 barrels in the week ended August 21. Gasoline inventories decreased by 1.7 million barrels last week.
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