Futures Movers: Oil futures snaps 7-session win streak

Oil futures settled with a drop of 3% on Monday as investors cashed in on a seven-session streak of gains, pressured by expectations of higher global crude production.

Bets that major oil producers will agree to stabilize oil output at a meeting late next month fed a rally last week, but expectations for an agreement have faded and the market is eyeing the potential for higher production from Iraq and Nigeria.

September West Texas Intermediate crude CLU6, -3.52% slid $1.47, or 3%, to settle at $47.05 a barrel on the New York Mercantile Exchange. That was the largest one-day dollar and percentage decline since Aug.

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