U.S. crude futures fell on Monday as Saudi Arabia's oil minister said that OPEC will not take sole responsibility for propping up the oil price, and the U.S. dollar started trade in Asia on the defensive on interest-rate uncertainty.
The fall in the oil market, however, was capped by persisting geopolitical issues. Iran's top leader voiced mistrust on Saturday of U.S. efforts to reach a nuclear deal, even as Washington and its allies spoke of real progress and urged Tehran to take "difficult decisions".
The United Nations warned on Sunday that Yemen's conflict could become an "Iraq-Libya-Syria" scenario if either side pushes for control of the country, prompting the U.N. Security Council to threaten further measures if the hostilities do not end.
In the week ahead, investors will be focusing on Tuesday’s U.S. inflation report after Fed Chair Janet Yellen warned last week that the stronger dollar was pushing down consumer prices.
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