Oil prices slumped by more than $1 amid uncertainty around the Chinese economy leading to concerns about demand.
Brent crude futures fell by 1.59% - $1.26 – to $77.78 per barrel at 0020 GMT.
US West Texas Intermediate crude also dropped by $1.20 – 1.59% - to $74.36 per barrel.
It comes as Chinese inflation data fell short of targets and there was a lack of detail regarding Beijing’s economic stimulus plans.
Official data released over the weekend showed the consumer price index rising by 0.4%, below expectations, as the producer price index dropped 2.8% year-on-year.