Image credit: Global Risk Management

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Oil prices fell sharply on Monday as concerns about supply disruptions eased and Libyan ports reopened while traders eyed potential supply increases by Russia and other producers.

West Texas Intermediate crude oil has retreated to below $70 a barrel and Brent reached a three-month low as Saudi Arabia was said to offer extra crude to some customers, while the U.S. was said to consider tapping emergency supplies to offset losses elsewhere.

The Chinese economy grew at an expected 6.7 percent in the second quarter - its slowest pace since 2016. This gives fear that the Chinese economy is slowing amid an escalating trade war. This is worrying for global growth as the Chinese economy is the second-largest economy in the world.

Yesterday, U.S. President Donald Trump and Russian President Vladimir Putin met in a one-on-one meeting discussing Election Meddling, Nuclear Proliferation, Syrian, and U.K. Poisoning.