Crude oil fell on Monday as the dollar gained strength and as news arose that OPEC may boost oil output at the cartel's next meeting in February.

Crude oil for January delivery fell 54 cents or 0.59 percent, to $90.73 per barrel at 4:07 p.m. on the New York Mercantile Exchange. Brent crude oil for delivery on February fell 51 cents or percent to $91.51 a barrel in London mercantile exchange.

Oil fell after Algerian oil minister Chakib khelil's comments that he would not exclude the possibility of an output hike if the market needed it, although supply seemed sufficient now.

Falling oil prices have been linked to the rising dollar in the last few months.

The dollar was up against the euro on Monday on speculation that recent economic data suggest the Federal Reserve not need to give an additional boost to the economy by cutting interest rates further.

Algeria Crude oil OPEC