Oil markets started the week on a downfall amid rising demand worries ahead of the US Federal Reserve (Fed) meeting on Wednesday.
International benchmark crude Brent traded at $87.81 per barrel at 10.36 a.m. local time (0736 GMT), a 1.55% fall from the closing price of $89.20 a barrel in the previous trading session on Friday.
The American benchmark West Texas Intermediate (WTI) traded at the same time at $84.12 per barrel, down 1.66% from Thursday's close of $85.54 per barrel.
Oil prices drifted lower on Monday over concerns that the Fed will keep the policy rate high for longer than expected.
This led to demand concerns in the US, the world's largest oil consumer, putting downward pressure on oil prices.
Meanwhile, the escalating tensions between Israel and Palestine remain to be influential on oil prices.
The ongoing conflict between the two countries boosts fears that the clashes will turn into a regional turmoil that will disrupt oil supply routes, deepening the supply deficit predicted for the rest of the year.
However, oil prices remain volatile as the conflict creates jitters among the investors.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr