Oil futures drop to lowest finish in three weeks
Oil futures fell Monday, with prices touching new session lows minutes before the settlement to finish at their lowest level in just over three weeks. Data from Baker Hughes released Friday revealed that the number of active U.S. oil rigs rose for a tenth straight week, pointing to the potential for further gains in U.S. crude production. The news fed concerns over the possibility of output increases from other producers, such as Libya, who are also not part of the Organization of the Petroleum Exporting Countries' production cut agreement. February West Texas Intermediate crude fell $2.03, or 3.8%, to settle at $51.96 a barrel-the lowest finish since Dec. 16, according to FactSet data.
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