Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months.
The Fed hiked rates for the third time in six months last week. Instead of signaling concerns about the health of the economy, policy makers said they expect inflation to pick up and the labor market to improve.
Crude oil prices have dropped to their lowest since November due to a global supply glut that shows no sign of abating.
On Friday, Baker Hughes said the U.S. rig count rose by 6 to 747, the most since April 2015. Drillers have added rigs 20 weeks in a row, the longest streak on record.
OPEC said it estimates that US crude oil production will rise by 800,000 bpd in 2017. Only six months ago, OPEC said U.S. production was going to fall in 2017.
WTI light sweet crude oil was down 58 cents at $44.17 a barrel.