WASHINGTON (dpa-AFX) - Crude oil prices fell Monday as a stronger dollar hurt most commodities. The greenback rallied on political turmoil in Germany and upbeat U.S. economic news.
Oil has come under pressure of late due to speculation that global supplies will continue to outpace demand.
OPEC meets next week to determine whether they will extend their supply quota plan through 2018.
January WTI oil settled at $56.42/bbl, down 29 cents, or 0.5%.
Dec. WTI oil slipped 46 cents, or 0.8%, to settle at $56.09/bbl, on the final day of the December contract.
With the impact of recent hurricanes dissipating, the Conference Board released a report on Monday showing a much bigger than expected jump by its index of leading U.S. economic indicators in the month of October.
The Conference Board said its leading economic index surged up by 1.2 percent in October after inching up by a revised 0.1 percent in September.
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