Prices for the U.S. crude benchmark were poised to mark their lowest settlement in six years on Monday, as investors remained focused on a growing supply glut despite a report by the Organization of the Petroleum Exporting Countries that forecast a drop in U.S. output by the end of the year.
On the New York Mercantile Exchange, April crude CLJ5, -3.21% traded at $43.08 a barrel, down $1.76, or 3.9%, after tapping a low of $43.03. Prices for a most-active contract haven’t settled at a level this low since early March 2009. Last week, they fell 9.6%.
April Brent crude LCOJ5 on London’s ICE Futures exchange fell $1.91, or 3.5%, to $52.76 a barrel, ahead of the contract’s expiration at the close. Prices fell 8.5% last week.