Crude Oil Ends Day Lower
West Texas Intermediate (WTI) and Brent crude oil futures started the week in negative territory.
The WTI for March delivery shed 31 cents Monday, settling at $52.41 per barrel. The U.S. benchmark peaked at $52.78 and bottomed out at $51.23.
“WTI slid again today, as we saw an increase in rigs added last week,” Tom McNulty, Houston-based managing director of Great American Group, told Rigzone. “American producers are finding ways to make money at these price levels, and many of them will continue to make money at even lower prices this year.”
The April Brent contract price fell 59 cents Monday. It settled at $61.51 per barrel.
As Bloomberg reported earlier in the day, ongoing concerns about economic growth have contributed to a lackluster outlook for oil market demand.
Also declining Monday was front-month reformulated gasoline (RBOB). March RBOB futures lost nearly 3 cents to settle at $1.42 per gallon.
Occupying the plus column Monday was Henry Hub natural gas, which gained 6 cents. The March gas contract price settled at $2.64.
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