Crude oil futures diminished on Monday, recouping some of last week’s gains as traders pondered whether OPEC is inclined to modify the limited production agreement in place since January, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, May West Texas Intermediate crude oil futures fell 36 cents, or 0.7%, to settle at $50.24 a barrel. Friday marked the strongest weekly performance for U.S. oil futures in 2017.
On the London ICE Futures Exchange, June Brent crude, the global benchmark, fell 41 cents, or 0.8%, to end trading at $53.12 a barrel.
Some analysts say a closer examination of OPEC’s production curb shows a bumpy road ahead because producers might be tempted to turn their back on it since prices have returned above $50 a barrel, nearly double from last year.
Meanwhile, May natural gas fell 6.2 cents, or 1.9%, to settle at $3.128 per million British thermal units on the New York Mercantile Exchange.