Oil falls amid dollar strength

Ani Salama FXStreet

Oil prices fell sharply on Monday, snapping a 2-day winning streak, amid a stronger dollar boosted by speculation of another rate hike by the Fed before the year-end and diminishing hopes of a deal among oil producers to freeze output.

West Texas Intermediate for October delivery dropped 1.76% to $46.78 a barrel, having hit a low of $46.62 a barrel.

Last Friday, Federal Reserve Chair Janet Yellen said the case for another interest rate hike has strengthened in recent months.

Meanwhile, oil prices continue to be driven by expectations of a deal between OPEC and non-OPEC members to control production ahead of an informal OPEC meeting next month.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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