LONDON, Dec 17: Oil prices fell on Monday as the market tracked fresh concerns about the US economy, with fears that a slowdown in the United States could dampen demand for crude, traders said.

Prices had risen earlier on Monday as a major snowstorm struck the United States over the weekend, raising expectations of higher demand for heating oil.

In late London trade, Brent North Sea crude for February delivery shed 79 cents to $90.90 per barrel.

New York’s main contract, light sweet crude for January, slump by $1.45 to $89.82 per barrel.

“Again the market is looking at concerns on the economy and on oil demand,” Societe Generale analyst Mike Wittner said.

Early on Monday, oil prices rose as the Asian market responded “to the winter storm in the US over the weekend”, said Victor Shum, an analyst with energy consultancy Purvin and Gertz.—AFP