Oil prices are diving on Monday morning in response to a downbeat note from Morgan Stanley.
UK Brent is down 1.93% to $49.90 as of 8.00 a.m. BST (3.00 a.m. ET):
Crude oil is even worse, down 2% to $48.13:
The price of the black stuff is responding to a downbeat note from Morgan Stanley, quashing hopes of a production freeze from OPEC.
Oil had been rallying throughout August, climbing from $41.51 a barrel on August 2 to over $50 a barrel in recent weeks.
