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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