Crude oil futures slumped on Monday to their lowest level since the end of November, despite reports that OPEC may extend its supply quota experiment beyond this year. OPEC members are cutting production in an effort to drive up oil prices, but a robust U.S. output has prevented any significant rally. The latest U.S. drilling data supported estimates for higher production, with 14 oil rigs added in the week to March 17 to 631, the most since September 2015
Benchmark crude oil futures for May delivery declined by $0.56 or 1.2% to $48.22 on the New York Mercantile Exchange. In London, Brent crude for May delivery ended down by $0.31 at $51.45 on the ICE.