The New York Times reported "A downbeat Chinese manufacturing report sent stocks spiraling on Monday, previously prompting the country’s market to close early. It also set off a global rout, with stocks in Europe and the United States getting hit. Apparently, "The S&P/TSX composite index was down for a seventh consecutive day, off 278.59 points at 12,448.21 and in New York, the Dow Jones plummeted 392.41 points to 16,514.
China’s economy which has been steadily slowing due to shrinking demand for its manufactured goods. This in turn has created a months long downturn in demand for the basic commodities that go into the mostly needless crap [discretionary spending] that consumers in the west usually waste their money on which in turn helped drop the price of under-demanded and over-supplied fossil fuels.