Oil Settles More Than 10% Lower For The Month

By Myra P. SaefongMarketWatch Pulse

Oil futures edged lower Monday to tally a monthly loss of more than 10%. Prices have been pressured by a global glut of crude supplies and expectations that members of the Organization of the Petroleum Exporting Countries won’t cut output at their meeting Friday to help stabilize prices. January crude settled at $41.65 a barrel on the New York Mercantile Exchange, down 6 cents, or 0.1%, for the session.

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