U.S. oil price fell Monday as the stronger dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies. The U.S. dollar increased against most major currencies Monday as remarks by a Federal Reserve official bolstered market expectation for an interest-rate hike by year-end.
Saudi Arabia's official news agency reported Monday that the country was ready to work with other oil producers within and outside the Organization of the Petroleum Exporting Countries (OPEC) to stabilize the market. OPEC maintained its output quota of 30 million barrels per day at June's meeting.
The cartel's output is accounted for around 40 percent of the global crude output. OPEC's next meeting to set production targets is scheduled on Dec. 4.
The West Texas Intermediate for January delivery moved down 15 cents to settle at 41.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 17 cents to close at 44.83 dollars a barrel on the London ICE Futures Exchange.