Investing.com – Oil fell over 1% Monday as the dollar jumped and as the global supply glut persists.
U.S. crude was down 67 cents, or 1.54%, at $42.74 at 06:45 ET, while Brent crude shed 1.16% to $44.23.
OPEC crude output hit a record high of 33.64 million barrels a day in October.
OPEC is trying to broker a deal to cut supply to 32.5-33 million barrels a day ahead of a formal meeting in Vienna on November 30.
Baker Hughes data Friday showed the number of rigs operating in the U.S. rose by two to 452.
The Trump presidency is seen as positive for U.S. shale production, which would further boost supply.
The dollar index touched the 100 mark. A stronger dollar dampens demand for oil.