Crude oil futures fell on Monday amid expectations that oil cartel OPEC could decide to boost supply at next week.
U.S. light, sweet crude for January delivery dropped $1.43, to $96.75 per barrel in late morning trading on the New York Mercantile Exchange. Brent crude oil for January dropped $1.25 to $94.51 per barrel on London's ICE Futures Europe exchange.
Over the weekend, Iran's oil Minister Gholamhossein Nozari said there were some OPEC member nations pushing for a boost in production at a meeting in Abu Dhabi on December 5. All-time high crude prices may increase pressure on OPEC to raise output.
Crude oil has risen more than 40 percent since August on a weak U.S. dollar
Other factors affecting energy prices, especially heating oil could be a forecast of colder-than-normal temperature in the U.S. Northeast. The National Weather service expects reduced temperatures from Dec. 1 to Dec. 5.
The weak dollar has contributed to the rise of oil recently as investors look for more stable investments. The dollar was little changed against the euro Monday, at $1.4839, near a record-high of $1.4966 on Friday. The dollar dropped 0.1 percentversus the yen to 108.23.