Brent oil price drops below $90 per barrel

Prices for benchmark oil fell during morning trading, Report informs via Interfax.

The price of December futures for Brent on the London ICE Futures exchange amounted to $89.74 per barrel, which is $0.97 (1.07%) lower than the closing price of the previous session.

Quotes of WTI oil futures for November in electronic trading on the New York Mercantile Exchange (NYMEX) decreased by $0.74 (0.83%) to $88.08 per barrel.

The main negative factor for commodity markets on Monday was the strengthening of the dollar on the news that the US government managed to avoid a shutdown, as well as fears of new rate hikes by the US Federal Reserve. The ICE index, which shows the dollar's performance against six major world currencies, is at its highest since last November.

Colin Cieszynski, senior market strategist at SIA Wealth Management, said oil had risen strongly in the summer and was still being supported by concerns about global fuel supplies.

“At the same time, from a technical point of view, oil is overbought, and it seems that a correction phase is beginning,” he added.

Investors' attention is now focused on the meeting of the OPEC+ Ministerial Monitoring Committee, which will take place on Wednesday.