Oil Settles At a More Than 1-week Low As Traders Weigh OPEC Output-cut Extension

Oil prices settled at their lowest level in more than a week on Thursday as the Organization of the Petroleum Exporting Countries' decision to extend their production-cut agreement through March of next year raised concerns over higher U.S. crude output. "OPEC ramps down, the U.S. producer ramps up and the vicious cycle repeats," said Curt Taylor, president of Opportune LLP's Ralph E. Davis Associates, a petroleum engineering firm. July West Texas Intermediate crude dropped $2.46, or 4.8%, to settle at $48.90 a barrel on the New York Mercantile Exchange.