Oil falls on strong dollar and potential Fed rate rises | Reuters

Oil falls on strong dollar and potential Fed rate rises | Reuters

Oil prices fell on Monday, hit by a stronger dollar and investor concerns over the possibility of quicker than expected increases to interest rates by the U.S. Federal Reserve.

Brent crude fell $1.42, or 1.6%, to $86.47 a barrel by 1430 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.70, or 2%, to $83.44.

The dollar rose to a two-week high on Monday against a basket of currencies, lifted by the tension between Russia and the West over Ukraine and the possibility of a more hawkish stance from the Fed this week. read more

Brent had risen more than a $1 earlier in the session on concerns over tight supplies and elevated geopolitical risks in Europe and Middle East.