5 big reasons for oil’s plunge Monday

Oil futures got pummeled Monday. Prices for West Texas Intermediate and Brent crude logged their lowest settlements in roughly three months. In fact, WTI crude prices have cratered nearly 13% since June 24.

Monday’s action marks the sharpest one-day drop for U.S. oil prices since April, as August crude CLQ5, +0.86%  on the New York Mercantile Exchange settled at $52.53 a barrel, down $4.40, or 7.7%. On the ICE Futures exchange, August Brent crude LCOQ5, +1.15%  lost $3.78, or 6.3%, to $56.54 a barrel.

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