Oil futures settled lower for a fourth straight session on Monday, as traders showed caution in extending a hefty month-to-date price gain ahead of a meeting in April to address the global oil glut among major crude produers, according to Bloomberg Marketwatch.
May West Texas Intermediate crude fell 7 cents, or 0.2%, to settle at $39.39 a barrel on the New York Mercantile Exchange. That was the lowest settlement since March 16.
May Brent crude on London’s ICE Futures Exchange edged down by 17 cents, or 0.4%, to $40.27 a barrel.
For the month, WTI crude was up nearly 11% and Brent crude traded almost 15% higher.
In the short term, WTI prices are likely due for a correction back to the mid-$30 to low-$30 range, according to analysts.
April natural gas ended at $1.848 per million British thermal units, up 4.2 cents, or 2.3%, in volatile trading ahead of the contract’s expiration on Tuesday. Prices had fallen to as low as $1.766 earlier in the day.
