Saudi Arabia Doesn’t Want Production Cut, Prices Tumble on Monday

More evidence that Saudi Arabia is not on board with production cuts sends crude prices lower on Monday. March West Texas Intermediate crude fell by $1.20 to settle at $29.69 a barrel on the New York Mercantile Exchange. April Brent crude lost $1.18 to end trade at $32.88 a barrel on the London ICE Futures Exchange.

A meeting between Saudi Arabia and Venezuela ended without a plan for production cuts within the Organization of Petroleum Exporting Countries. Lately, some OPEC members have signaled a willingness to cut production to help boost crude prices, but they have been unable to enlist Saudi Arabia in the deal.

March natural gas futures added 7.7 cents on Monday to settle at $2.14 per million British thermal units on the New York Mercantile Exchange.