Crude oil prices down in Asia

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 US Energy Information Administration, the Organisation 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 US interest rates continued to bolster investor demand, according to investing.com