Investing.com - Oil futures were lower on Monday, as ongoing concerns over rising supplies and weak demand weighed.
On the ICE Futures Exchange in London, Brent for December delivery shed 24 cents, or 0.28%, to hit $85.89 a barrel during European morning hours.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December traded at $81.01 a barrel, down 1 cent, or 0.01%.
London-traded Brent prices have fallen nearly 26% since June, when it climbed near $116, while WTI futures are down almost 25% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.
OPEC oil output hit a two-year high of 31 million barrels per day in September, led by higher production from Iraq and Libya.
Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.
Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to consider whether to adjust their production target for early 2015.
Wall Street investment bank Goldman Sachs cut its oil price forecast for Brent by $15 to $85 in the first quarter of next year. The investment bank expects West Texas Intermediate prices to average $75 a barrel, down from a previous estimate of $90.
Goldman analysts expect WTI to fall as low as $70 a barrel and Brent to $80 in the second quarter of 2015, when it expects oversupply to be most pronounced.