Sharjah24 - Reuters: Oil prices dipped on Monday as fears of a global recession caused concerns that fuel demand growth will slow, though supply worries ahead of the European Union embargo on Russian oil in December limited declines.

Brent crude futures for November settlement fell 46 cents, or 0.5%, to $90.89 a barrel by 0701 GMT.

U.S. West Texas Intermediate (WTI) crude futures for October delivery was at $84.46 a barrel, down 65 cents, or 0.8%. The October WTI contract expires on Tuesday and the more active November contract as at $84.12, down 64 cents.

Both contracts climbed more than $1 earlier on Monday. Last week, oil futures slid more than 1% on concerns that another interest rate hike by the Federal Reserves could slow global growth.

The dollar took a bullish turn on Monday as investors braced for a packed week of central bank meetings that are certain to see borrowing costs rise across the globe, with some risk of a super-sized hike in the United States. A stronger U.S. dollar makes dollar-denominated commodities more expensive for holders of other currencies.