Oil prices fell further on Monday amid easing supply worries and lingering fears of a financial default by debt-ridden Greece, which could hit demand for energy.
New York's main contract, West Texas Intermediate for delivery in August, dropped 51 cents to $90.65 a barrel.
Brent North Sea crude for August declined $1.22 to $103.90 a barrel in early London deals.
Crude oil futures had tumbled last week after the International Energy Agency agreed to draw on emergency reserves to make up for lost Libyan supplies and as global economic recovery fears prompted demand concerns.
'We see the highly unusual IEA measure as a reflection of serious concerns about the path of the world economy, which have been reflected in falling prices over the last two months,' analysts at JBC Energy research group said in a client note published on Monday.
'Accordingly, whether sharp cuts in oil price forecasts by JP Morgan and Goldman Sachs turn out to be correct will largely depend on the path of economic developments.
Source : New Age
