Crude oil prices dropped below $93 a barrel on Tuesday, after hitting record highs a day earlier on concerns of production reductions in Mexico and record lows for the dollar.

U.S. crude oil fell to $92.68 after touching a new record of $93.80 in New York on Monday. Brent crude for December delivery was up $1.63 to finish at $90.32 in London trading.

Monday, Mexico's state-owned oil firm Pemex said it would stop up to a fifth of its production due to weather-related problems .

Weighing on investor concerns is the dollar and its possible move after the Fed meets on policy decisions this week. The dollar rose to $1.4403 against the euro after reaching an all time low versus the euro of $1.4439 on Monday.