Oil prices declined more than 4% on Monday following a drop in Chinese stock markets.

Brent oil traded down $1.85 at $43.61 a barrel, while the US light crude declined $1.50, or 3.7%, at $38.95 a barrel, Reuters reported.

"Today’s falls are not about oil market fundamentals. It’s all about China."

A 11% tumult in local Chinese stock markets last week encouraged a free-fall in global equities and other commodities.

Commerzbank Frankfurt senior oil analyst Carsten Fritsch told Reuters Global Oil Forum: "Today’s falls are not about oil market fundamentals. It’s all about China."

Iran oil minister Bijan Zanganeh was quoted by news agency Shana saying that oil prices could be stabilised by conducting an emergency Organization of the Petroleum Exporting Countries (OPEC) meeting.

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Zanganeh further said that the country would defend its oil market share by raising oil production.