Oil prices dropped sharply in early Asian trading after analysts revised down their global demand forecasts, with both major benchmarks losing more than a dollar a barrel.
Brent crude futures fell $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate declined $1.30, or 1.6%, to $81.97 a barrel.
Despite the sell-off, supply-side constraints continued to provide a floor, keeping prices at relatively elevated levels.
