Oil prices fell on Monday as a stronger dollar and Chinese economic fears weighed on the forecast for gasoline consumption, but Brent remained over $90 per barrel, supported by tighter supplies after Saudi Arabia and Russia extended production restrictions.
Brent crude was down 10 cents, or 0.1%, to $90.55 per barrel at 0541 GMT, while West Texas Intermediate crude was down 42 cents, or 0.5%, to $87.09 per barrel.
Oil prices have risen for two weeks in a row, with Brent reaching its highest level since November on Friday after Saudi Arabia and Russia said last week that they would prolong voluntary production cutbacks totaling 1.3 million barrels per day until the end of the year.
In the United States, producers installed one oil rig for the first time since June, according to Baker Hughes’ weekly report, although the total count was still 127, or 17%, down from this time last year.
