Oil futures on Monday posted a third-straight session decline, with U.S. prices settling at their lowest since mid-November. Oil prices have remained under pressure on concerns over slowing demand, as well as some skepticism that the OPEC+ output cuts will hold, and the fact that U.S. production continued to break new records, said Michael Hewson, chief market analyst at CMC Markets UK. January West Texas Intermediate crude CLF24 fell $1.03, or 1.4%, to settle at $73.04 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract settled at their lowest since Nov. 16, according to Dow Jones Market Data.
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