News of Crude Oil Supply Decline Lifts Oil Futures on Monday

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Oil futures settled higher Monday as they received a boost after data revealed that crude oil supplies fell by more than 1.2 million barrels as of the week ending September 9, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, October West Texas Intermediate crude tacked on 41 cents, or 0.9%, to settle at $46.29 a barrel.

On London’s ICE Futures Exchange, the November contract for Brent crude, the global benchmark, rose 31 cents, or 0.7%, to end trading at $48.32 a barrel.

In a monthly report released Monday, OPEC said production by major oil producers who are not cartel members will fall by nearly 610,000 barrels a day this year. The decline is about 180,000 barrels a day less than previously forecast. OPEC attributed the change to higher-than-expected production of U.S. shale oil, according to the Bloomberg report.

A massive 14.5 million-barrel decline in weekly U.S. stockpiles of crude oil had helped prices for the commodity finish higher last week.

On the New York Mercantile Exchange, October natural gas rose 11.8 cents, or 4.2%, to settle at $2.915 per million British thermal units.