[Reuters – UK Focus] – Oil prices tumbled on Monday on heightened worries of an oil glut, putting pressure on energy shares and giving pause to global equity prices, which have rallied to their highest in nearly a year. A 15-percent slump in U.S. crude prices in July, the worst monthly loss in a year, triggered liquidation as trading began for August and U.S. crude fell below $40 per barrel for the first time since April. “It’s stop-loss technical selling combined with sheer liquidation by those fearing we’ll soon be swimming in oil again,” said Phil Davis, trader at PSW Investments in San Diego, California.
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