Oil prices drop amid strong dollar

Oil prices dropped in early Asian trade on Thursday as a strong dollar and economic woes outweighed optimism over consumer demand.

Brent crude futures inched down 59 cents, or 0.7 percent, to $88.73 per barrel by 0016 GMT while U.S. crude futures declined by 54 cents, or 0.7 percent, to $81.59. Moreover, both benchmarks rebounded in the prior two sessions amid volatile trade after reaching nine-month lows this week.