Further turbulence in global financial markets helped push oil prices lower on Monday (Tuesday morning GMT ) , amid rising concerns over global economic growth .
In New York 's main contract, light sweet crude or West Texas Intermediate ( WTI ) for delivery in March , dropped 92 cents to end at 95.72 dollars per barrel , AFP reported .
London's benchmark , Brent North Sea crude for delivery in March , slipped 1.19 dollars to stand at 106.69 dollars per barrel .
Stocks continued to fall on Monday in Asia and Europe , and remained weak in the U.S. , after last week strengthened .
Kash Kamal Sucden brokerage in London said thin trading in part because the Chinese Lunar New Year holiday and partly as traders wait to see how the results of a two -day monetary policy meeting of the U.S. Federal Reserve that began on Tuesday .
The oil market is facing " uncertainty as investors continued to adopt a wait and see attitude ahead of the Fed meeting this week ," he said .
The Fed is generally expected to cut another stimulus program , bringing it down to 65 billion dollars per month in bond purchases .
The so-called " tapering of " asset purchase the Fed is likely to boost the greenback , which makes dollar-priced oil more expensive for buyers using weaker currencies .
" Slowing growth in China is also becoming a factor , " said Brenda Kelly , senior market strategist at IG Markets .
" Because of manufacturing production in the world 's second-largest economy is expected to show a decline this month , the oil may be much in additional losses . "
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