Investing.com - Crude futures fell on Monday on news OPEC may not move to shore up global oil prices by trimming output at its next meeting.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 0.33% at $85.54 a barrel during U.S. trading. New York-traded oil futures hit a session low of $84.09 a barrel and a high of $85.84 a barrel.
The November contract settled up 0.06% at $85.82 a barrel on Friday.
Nymex oil futures were likely to find support at $83.59 a barrel, Friday's low, and resistance at $91.79 a barrel, the high from Oct. 3.
Oil prices slipped on news that Kuwait reported said that OPEC won't likely cut output to boost slumping prices, while Saudi Arabia is reportedly ready to accept oil prices dipping down to $80 a barrel, which sent oil prices falling on concerns supply will remain ample while demand soft.
OPEC will hold its next meeting on Nov. 27.
Elsewhere, a weaker dollar supported prices.
The dollar has firmed in recent sessions on expectations for U.S. monetary policy to diverge with Europe and Asia.
While the U.S. is seen closing its monthly bond-buying programs this month and hiking interest rates in 2015, expectations that the Federal Reserve may take its time when tightening policy next year began to build on Monday in wake of dovish comments out of the U.S. central bank.
"If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise," Federal Reserve Vice Chair Stanley Fischer said in prepared remarks of a speech he delivered at the annual International Monetary Fund/World Bank meeting over the weekend.
A softer greenback makes oil a more attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.
Separately, on the ICE Futures Exchange in London, Brent oil futures for November delivery were down 1.54% at US$89.19 a barrel, while the spread between Brent and U.S. crude contracts stood at US$3.65 a barrel.