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The dollar headed for its worst month in 5 1/2 years after Federal Reserve Chair Janet Yellen doused speculation the US central bank will pick up the pace of interest-rate increases. The yen strengthened.

The dollar has fallen against all of its 31 major peers in March with Russia’s rouble and Brazil’s real posting the biggest gains, helping emerging-market currencies to their best month in 18 years.

Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high.

Front month U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $36.38 per barrel at 0302 GMT, down 1.1 percent or 41 cents cents from their last settlement.

International Brent futures LCOc1 were down 0.9 percent or 34 cents at $38.33 a barrel.

The falls extended a 4 percent tumble on Friday when Saudi Arabia said it would only participate in a global freeze of its output if its rival Iran also took part, something Tehran has so far dismissed.

Oil hit its lowest level in nearly a month last week, but one of Wall Street's top commodities analysts says a recovery is on the way in 2016.

On CNBC's "Futures Now", global head of commodities strategy at RBC Capital Markets Helima Croft predicted that oil will rebound following a scheduled meeting between OPEC and non-OPEC members on April 17th in the Qatari capital.

"Their decision to come out and even mention a freeze was a catalyst for the rally" that recently pulled crude to within view of $40, Croft said.

Reference: Reuters, Bloomberg, CNBC