Crude futures fell Monday, following a short-lived boost from Saudi Arabia voicing confidence that a major international deal to cut production has started to drain the market of excess supply.
On the New York Mercantile Exchange, crude futures for delivery in March traded at $52.54 a barrel, down 68 cents, or 1.3%, in the Globex electronic session. March Brent crude on London’s ICE Futures exchange fell 56 cents, or 1%, to $54.93 a barrel.
Oil prices had gained traction over the weekend after Saudi Arabia’s energy minister, Khalid al-Falih, said the 20 nations that have agreed to rein in output are showing very good compliance.
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