Crude oil price fall in Asia

Crude oil prices fell in Asia on Monday on continued concerns about over supply and with China markets through Wednesday.On the New York Mercantile Exchange, crude oil for delivery in November fell 0.16% to $89.60 a barrel.Last week, crude oil futures sold off sharply on Friday, as the U.S. dollar surged after upbeat U.S. employment data and amid ongoing concerns over ample global supplies and weak demand.Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery slumped $1.11, or 1.19%, on Friday to settle at $92.31 a barrel by close of trade.In a report, the Department of Labor said that the U.S. economy added 248,000 jobs in September, well ahead of forecast for jobs growth of 215,000. The unemployment rate ticked down from 6.0% to 5.9%, the lowest level since July 2008.Meanwhile, fears of a global supply glut pushed prices down as well.Earlier this week, Saudi Arabia cut the prices of the oil it ships to Asia to remain competitive and retain its market share, which added to fears that supply far outstrips demand due in large part to slumping European and Asian economies.In the coming week, investors will be looking ahead to Wednesday’s Federal Reserve meeting minutes for further indications on the future possible direction of U.S. monetary policy.