Crude oil futures ended lower on Monday amid rising fears the Federal Reserve might resort to aggressive monetary tightening. The Fed's two-day monetary policy meeting is scheduled to take place on Tuesday and Wednesday. The central bank is expected to hold rates unchanged on Wednesday, but the accompanying statement could hint at the first rate hike as early as the next meeting in mid-March. A firm dollar weighed on oil prices. The dollar climbed to a two-week high amid rising tensions between Russia and the West over Ukraine and on prospects about a hawkish stance from the Federal Reserve.
Benchmark crude oil futures for March delivery fell $1.83 or 2.2 percent to settle at $83.31 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $1.62 or 1.8 percent to settle at $86.27 a barrel on London's Intercontinental Exchange.