Oil Settles Lower As Producers Fail To Calm Oversupply Concerns

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled lower Monday as meeting of major crude producers over the weekend failed to calm concerns over global supplies. The Organization of the Petroleum Exporting Countries told member nations to uphold their production cut agreements, but traders worry that the producers will find less incentive to cut as output from the U.S., which isn't part of the pact, rises. May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel-giving back nearly all of the nearly 0.6% gain it registered Friday.

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