Oil is still getting slammed

The price of oil continues to tumble.

Brent fell below $38 (£25) a barrel for the first time in 7 years on Friday, hit by news that OPEC is going to continue flooding the market. It recovered slightly over the weekend but is now falling again on Monday morning, down 11 cents at $38.21 (£25.18).

Crude is also diving, down 12 cents at $35.50 (£23.38). It marks the 7th straight losing session for oil, its longest losing streak since mid-2014 according to Reuters. Clearly the weekend has not changed anybody’s thinking.

The oil price weakness, as well as the Chinese yuan diving, has hit Asian markets overnight. Japan’s Nikkei closed down 1.80% on Monday and Hong Kong’s Hang Seng closed down 0.89%. The Shanghai Composite bucked the trend, up 2.51%.

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