Oil traded lower on Monday

Doubts about demand for oil are raised as the outlook for Eurozone's future is getting cloudier, pushing oil prices lower. Crude oil for September settlement dropped 3.9 per cent, to $88.28 per barrel, while the ICE dollar index increased by 0.35 per cent to 83.908.  Moreover other oil related products, also declined on Monday. August heating-oil tumbled 3.3 per cent, to $2.83 per gallon, gasoline for August delivery erased 3.2 per cent to $2.85 a gallon and August natural gas declined 0.6 per cent, to $3.06 a million British thermal units.