The West Texas Intermediate for September delivery lost 54 cents, or 0.59 percent, to settle at 90.23 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 24 cents, or 0.25 percent, to close at 96.48 dollars a barrel on the London ICE Futures Exchange.
Oil prices continued to garner some support from tight supplies, but were pressured by a strong momentum in the greenback.
The dollar index, which measures the greenback against six major peers, surged 0.82 percent to 109.0460 in late trading on Monday, driven by risk aversion. Historically, the price of oil is inversely related to the price of the U.S. dollar.
For the week ending Friday, the U.S. crude benchmark dropped 1.4 percent, while Brent declined 1.5 percent, based on the front-month contracts.
Latest comments