Oil Futures Drop 3% As September Futures Contract Expires

Oil futures settled sharply lower on Monday, pulling back in the wake of a seven session climb. Expectations for a rise in global crude output pressured prices as the September futures contract went off the board at the session's conclusion. September WTI crude fell $1.47, or 3%, to settle at $47.05 a barrel on the New York Mercantile Exchange. October WTI crude , which is now the front-month contract, settled at $47.41 a barrel, down $1.70, or 4.5%.