Oil prices continue to fall today after yesterday registered their biggest decline in a month, amid a statement by the US Federal Reserve that interest rates will remain at a higher level for longer. This was able to compensate for price data on reduced inventories of raw material in the United States, BTA reported, citing Reuters.

Brent futures from the North Sea, a reference for Europe, fell 67 cents, or 0.72 percent, to $92.86 a barrel in Asian trade.

U.S. light crude fell 71 cents, or 0.79 percent, to $88.95 a barrel, the lowest level on the contract since Sept. 14.

The Fed left its key interest rates unchanged late on Monday, but the U.S. central bank said levels could be raised again by the end of the year, which could dampen economic growth and overall fuel demand.

This position of the Fed led to an increase in the dollar to its highest level since early March, which also puts pressure on oil prices.

Oil is falling