The rise in oil prices towards the $100 level failed to continue after it was limited by the hawkish stance of the Federal Reserve (Fed) to continue tightening its policy.
Brent crude oil futures traded bleakly at $91.40 a barrel during the Asian session, while US WTI traded lower at around $89.30 a barrel.
The black commodity has surged around 27% since the end of June following continued voluntary production cuts by OPEC+ leaders Saudi Arabia and Russia.
It even pushed the expectations of many analysts for oil prices to reach the highest level of $100 per barrel.
However, the price strengthening momentum started to fade over the past week due to the Fed's decision to keep interest rates high for a longer period.
Investors will now focus on US crude oil supply data which may once again support higher prices.
The American Petroleum Institute (API) will publish its inventory report on Tuesday, followed by official data from the Energy Information Administration (EIA) a day later.
There is a risk that inventory at the main hub in Cushing, Oklahoma will fall to the lowest level in nearly a decade.
