West Texas Intermediate futures for September delivery declined to $44.61 (-0.78%), while Brent crude slid to $50.19 (-0.46%) retreating from yesterday's highs. Luckily for oil prices Xinhua agency reported on Monday that China (second-biggest consumer of oil after the U.S.) imported 30.71 million tonnes of crude in July, up 29% compared to last year. This information was based on data by general administration of customs.

Nevertheless this morning oil prices dropped after the Peolple's Bank of China devalued the yuan by nearly 2% in order to support the economy after a sequence of disappointing economic reports.