Oil futures finished lower Monday as a multi-day OPEC meeting commenced regarding the production cuts and their impact, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, September West Texas intermediate dropped 19 cents, or 0.4%, to settle at $49.39 a barrel. October Brent crude, the global benchmark, shed 5 cents, or 0.1%, to end trading at $52.37 a barrel on the London ICE Futures Exchange.
September natural gas rose 2.7 cents, or 1%, to settle at $2.801 per million British thermal units on the New York Mercantile Exchange.
The two-day OPEC meeting in Abu Dhabi, United Arab Emirates, will focus on members’ compliance with the output pact signed by ten oil suppliers in late 2016. To date, the deal hasn’t produced meaningful effect in minimizing global output or inventories.