Oil falls on firm dollar

Oil prices fell on Monday, as the US dollar rose against most of its peers, amid focus on monetary policy developments.

Bear in mind that the Fed's meeting minutes showed Fed officials are preparing to move quicker in raising interest rate than expected.

St. Louis Federal Reserve President James Bullard said that Fed could raise interest rates as soon as March, which is sooner than expected.

Efforts to contain the coronavirus continue in many countries around the world, as governments avoid re-imposing lockdown restrictions to not harm their economies.

The dollar index rose against a basket of major currencies by 0.3% to 96.0 points as of 19:00 GMT, after hitting a high of 96.2 points and a low of 95.7 points.

WTI February futures fell 0.6% to $78.4 a barrel, as of 18:57 GMT.

Brent March futures fell 0.7% to $81.1 a barrel.