Oil prices hit multi-month lows on Monday as a budget impasse in the United States threatened to shut down parts of the economy, which is the world's top crude consumer. New York's West Texas Intermediate (WTI) for November dropped to $101.05 per barrel, which was last witnessed on July 6. The contract later pulled back to $101.72, down $1.15 from Friday. In afternoon London deals, Brent North Sea crude for delivery in November sank to $107.22 per barrel -- the lowest level since August 9. It later stood at $107.90, down 73 cents from Friday's closing level.