New York's main futures contract, light sweet crude for delivery in April, eased 1.59 dollars from the closing price on Friday to 38.44 dollars per barrel after spending much of the day in positive territory.
In London, Brent North Sea crude for April delivery lost 90 cents to settle at 40.99 dollars.
Analysts said oil prices fell in line with the equity market, where investors sharply pulled down share prices amid confusion over the future of financial institutions.
Author: Ksenia Kochneva
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Oil Prices Fall Together With Stocks
Oil futures fell Monday together with global stock markets amid gathering economic gloom, despite hints that OPEC could cut output next month in a bid to boost prices
