Oil prices have tumbled to its lowest level since the beginning of the year on reports that Saudi Arabia and other Opec producing nations are discussing an output increase.

Brent crude prices fell 5.02% on Monday afternoon trading to $83.22 per barrel, while WTI prices were down 4.97% to $76.13 per barrel.

The Wall Street Journal reported that Opec and its allies are considering an increase of up to 500,000 barrels per day of oil at its next meeting scheduled for 4 December.