Crude oil futures fell Monday amid indications U.S. production will be ramped up.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 12 at 759 this week, as U.S. companies want to take advantage of oil prices at their highest in four years.
Oil also edged lower due to a stronger dollar. The dollar continued to rebound versus major rivals ahead of the upcoming Federal Reserve meeting.
March WTI oil was down 58 cents, or 0.9%, to settle at $65.56/bbl.
In economic news, the Commerce Department said personal income climbed by 0.4 percent in December after rising by 0.3 percent in November. Economists had expected another 0.3 percent increase.
German import price inflation in December was the lowest in over a year, though prices rose during the whole year 2017, erasing the decline seen in the previous year, preliminary data from the statistical office Destatis showed Monday.
The material has been provided by InstaForex Company – www.instaforex.com
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