Oil fell to below $90 a barrel in early trading today as weaker global stock markets spurred profit taking.
US light, sweet crude for March delivery slid 84 cents to $89.87 a barrel by 4.38am Irish time. Brent crude in London traded down 76 cents at $90.14 a barrel.
Expectations that Opec will resist pressure to raise output this week limited deeper losses.
Prices gained 14 cents last week after clawing back from a six-week low of $86.11 a barrel.
After falling sharply early last week, as growing despair over the US economy toppled global equity markets, oil bounced back from Thursday after the White House announced out a $150-billion stimulus plan.
While many analysts say the risk of an economic slowdown could still take some steam out of oil prices that are not far off their record high of $100.09, a thirst for alternative investments and Opec's resolve has limited the downside so far.
