Oil Prices Log a Third-straight Monthly Loss

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices dropped Wednesday to tally a decline of more than 2% for the month. Traders continued to fret over the potential for further growth in U.S. crude production following the Organization of the Petroleum Exporting Countries' decision last week to extend the existing production-cut agreement. July WTI crude lost $1.34, or 2.7%, to settle $48.32 a barrel on the New York Mercantile Exchange.

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