British News Agency

Providing a floor to prices were prospects of lower U.S. crude stockpiles and concerns over U.S. production in the aftermath of Hurricane Francine.

Brent crude futures for November were down 48 cents, or 0.66 percent, to 72.27 dollars a barrel, while the U.S. crude futures for October slipped 37 cents, or 0.53 percent, to 69.72 dollars a barrel.

In China, oil refinery output fell for a fifth month in August amid declining fuel demand and weak export margins, government data showed on Saturday.

The Fed is expected to start its easing cycle on Wednesday, with Fed funds futures showing markets are now pricing in a 69 percent chance that the U.S. central bank will cut rates by 50 basis points.

According to analysts, the Fed is expected to lower interest rates for the first time in more than four years this week. Recent weak economic data led investors to believe the move could be more aggressive.

A lower interest rate will reduce the cost of borrowing and, by supporting economic growth, potentially lift oil demand.