The price of oil has hit a two-year low, after the dollar rallied in response to a strong US jobs report on Friday.
In early Monday trades Brent crude was less than $92 (£57.60) a barrel, while the US benchmark West Texas Intermediate - for November delivery - was down 18 cents at $89.56 (£56.07).
Prices have been on the slide for several months and have fallen by around 16% since July.
The downward pressure is due to the strengthening dollar, increased production and weakening demand.
A slowdown in Chinese economic production has been a key driver.
Oil production has also risen in the US due to the fracking revolution, weakening foreign demand.
Exports are also on the rise in Russia, Libya and Kurdistan.
The OPEC cartel's leading producer, Saudi Arabia, has also cut prices for the fourth straight month as it seeks to defend its market share.
This also suggests it is unlikely to cut production any time soon.
"Oil prices are likely to keep falling for the rest of the year as global supply is outstripping demand," Mitsubishi oil risk manager Tony Nunan said.
"Supply of US shale gas alone can cover global demand this year, and unless OPEC countries reduce their production, or unless a fresh geopolitical concern occurs, the best estimate now is a bearish market."
On Friday, official US data showed its September unemployment rate had dropped to 5.9%, the lowest level since July 2008.
The news increased the likelihood the US Federal Reserve will hike interest rates earlier than expected.
The dollar has been floating at six-year highs against the Japanese yen and two-year highs against the euro.
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