Oil prices fall on fuel demand fears sparked by recession concerns

Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude.

Brent crude futures for November settlement slipped 54 cents, or 0.63%, to $85.61 a barrel at 0511 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery dropped 48 cents, or 0.61%, to $78.26.

Both contracts slumped around 5% on Friday to their lowest since January.

The dollar index that measures the greenback against a basket of major currencies climbed to a 20-year high on Monday.