Oil prices continue to suffer following the continued strengthening of the US dollar with the latest reports on US crude oil supplies also adding pressure to the black commodity.
Entering the European session, Brent crude oil futures traded bleakly at $85 a barrel while US WTI traded down around $77 a barrel.
The US dollar has hit a new 20-year high against other major currencies supported by the hawkish stance of the Federal Reserve (Fed).
A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.
Meanwhile, US crude oil supplies rose by 4.2 million barrels last week, with data from the American Petroleum Institute (API) also reporting a drop in gasoline inventories of around 1 million barrels.
This reflects slowing demand in the giant economy, helping to offset the loss of production that was halted by Hurricane Ian.
About 190,000 barrels per day or 11% of oil production has been reduced due to the closure of infrastructure in the Gulf of Mexico due to the hurricane.
