Oil futures declined on Monday, with U.S. prices settling at their lowest since mid-September, ahead of a committee meeting of major oil producers later this week. The extension of the voluntary oil output cuts by Saudi Arabia and Russia to the end of the year “looks like it is set in stone,” said Anas Alhajji, an independent energy expert and managing partner at Energy Outlook Advisors. Wednesday’s OPEC Joint Ministerial Monitoring Committee meeting “will not change it,” he said. November West Texas Intermediate crude CLX23 declined by $1.97, or 2.2%, to settle at $88.82 a barrel on the New York Mercantile Exchange. Prices based on front-month contract ended the session at their lowest since Sept. 13, according to Dow Jones Market Data.
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