Oil falls amid dollar strength

Oil prices fell sharply on Monday, snapping a 2-day winning streak, amid a stronger dollar boosted by speculation of another rate hike by the Fed before the year-end and diminishing hopes of a deal among oil producers to freeze output.

West Texas Intermediate for October delivery dropped 1.76% to $46.78 a barrel, having hit a low of $46.62 a barrel.

Last Friday, Federal Reserve Chair Janet Yellen said the case for another interest rate hike has strengthened in recent months.

Meanwhile, oil prices continue to be driven by expectations of a deal between OPEC and non-OPEC members to control production ahead of an informal OPEC meeting next month.