Oil prices fell on Monday, pressured by a strengthening dollar and rising U.S. crude output, but prices remained on track for a big monthly gain.
U.S. West Texas Intermediate (WTI) crude futures finished Monday's session down 58 cents, or nearly 1 percent, at $65.43 a barrel, while Brent crude futures were down $1.21, or 1.7 percent, at $69.31 a barrel by 2:23 p.m. ET.
So far this month, the Brent crude price has risen by 3.6 percent, while WTI is up 8.5 percent.
Weighing on WTI prices, analysts expected U.S. crude supplies would post a weekly rise for the first time in 10 weeks, a preliminary Reuters poll showed on Monday. Industry group American Petroleum Institute posts its data on Tuesday and the U.S. Energy Information Administration reports on Wednesday.
"Drawdowns in Cushing, Oklahoma have really been a lever point for trade in recent weeks and months. That will be watched very closely," said Anthony Headrick, energy market analyst at CHS Hedging LLC in St. Paul, Minnesota.