Investing.com - Crude oil prices fell sharply in Asia on Monday with the drop spurred by weak demand amid ample global supplies.
On the New York Mercantile Exchange, crude oil for delivery in October traded at $90.36 a barrel, down 1.11%, after closing Friday down 0.6% to end the week at $92.27 a barrel.
Last week, crude oil futures revisited levels close to multi-month lows as ample global supplies and concerns about a slowdown in demand continued to weigh.
On the ICE Futures Exchange in London, Brent Oil for October delivery slumped 0.99% on Friday to settle at $97.11 a barrel by close of trade.
The U.S. Energy Information Administration, the Organization of the Petroleum Exporting Countries and the International Energy Agency all cut their estimates for oil-demand growth earlier in the week, fuelling concerns over a slowdown in global demand.
A broadly stronger dollar also weighed, as expectations for an early hike in U.S. interest rates continued to bolster investor demand.
In the week ahead, investors will be focusing on the outcome of Wednesday’s Federal Reserve policy meeting. Fed Chair Janet Yellen was to hold a press conference following the meeting.
The central bank was expected to cut its asset purchase program by another $10 billion, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.