Oil prices hit a record low Monday as global supply curbs pushed up global demand and producers cut prices.

The benchmark benchmark West Texas Intermediate oil price, which has been above $90 per barrel since late April, fell 0.1 percent to $90.84 a barrel in New York.

Brent crude, the benchmark U.S. crude, fell $1.15 to $97.83 a barrel.

The Brent price index fell as much as 4 percent.

It was last above $91 in June.

Oil prices rose after U.N. officials said last week that crude supplies from Iraq would start to dwindle next month amid rising violence and a threat of a major strike by Iran-backed militias in Syria.

The U.K. government said Friday that it was suspending delivery of the third-largest U.k. crude by volume to Iran.