West TX Oil Drops to $91.30 after Russia Sanctions

U.S. crude oil futures fell more than $1.50 a barrel to below $91 in early Asian trade on Monday over concerns that new sanctions against Russia will weaken oil demand amid ample supplies and a strong dollar.

U.S. crude was down $1.32 a barrel at $90.95 at 0000 GMT after hitting a session low of $90.63. It settled 56 cents a barrel down at $92.27 on the previous session.  ICE Brent futures for October also lost 84 cents a barrel to $96.27. On Friday, it ended 97 cents a barrel lower at $97.11.

The contract expires on Monday, adding to pressure as traders roll positions. The November contract lost 87 cents a barrel at $97.09 after it ended 90 cents lower at $97.96 a barrel previously.

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