Oil prices' weeks-long slump accelerated on Monday, with crude oil prices falling by more than 5%, marking the lowest levels in six years and a half; under the Chinese stock market falling again, which led to the tumbling of global financial markets.

Chinese stocks falling by about 9% stormed the global markets, pushing the Dow Jones industrial average down more than one thousand points in early trade. US Stocks reduced their losses later, thereby reducing losses in oil prices for a short while, but a second wave of selling began after that.

Brent October crude fell $2.77, equivalent to 6.1%, to reach a settlement at $42.69 a barrel, after falling to its lowest level of contract at $42.51, marking the lowest front-month price since March 2009.

US October crude fell $2.21, or 5.5%, reaching $38.24 a barrel, and marking its lowest levels since February 2009. US crude recorded its eighth consecutive weekly loss on Friday, in the longest weekly losses wave since 1986.