Oil Prices Settle At Lowest Level In Three Weeks

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices settled Monday at their lowest level in three weeks, pressured by concerns over growing production from OPEC members and U.S. shale-oil producers. Separate reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed a monthly rise in crude output from OPEC members. A report issued Monday from the Energy Information Administration also revealed expectations for a 117,000-barrel rise in next month’s U.S. shale-oil production. September West Texas Intermediate crude fell $1.23, or 2.5%, to settle at $47.59 a barrel on the New York Mercantile Exchange.

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