Oil prices settled modestly lower on Monday as lower economic growth forecasts in China and signs of further growth in U.S. crude production sparked concerns over excess supplies. Uncertainty surrounding output in Libya, on the heels of reported conflicts near major oil terminals among rival groups, as well as ongoing production cuts among members of the Organization of the Petroleum Exporting Countries provided some support. April West Texas Intermediate crude fell 13 cents, or 0.2%, to settle $53.20 a barrel on the New York Mercantile Exchange.
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