Oil futures settled lower on Monday after major oil producers failed to reach an agreement during a meeting over the weekend to limit output. Prices, however, pared much of the earlier losses, buoyed by news that an oil workers' strike in Kuwait has caused the country to cut its crude production levels down by more than half. May WTI crude fell 58 cents, or 1.4%, to settle at $39.78 a barrel on the New York Mercantile Exchange, after dropping to as low as $37.61. The settlement was the lowest since April 8.
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