Futures Movers: OPEC-led bounce for oil prices starts to dissolve

Oil futures slipped on Monday, giving back ground following last week’s sharp rally touched off by a new supply agreement by OPEC.

Light, sweet crude for January delivery CLF7, -0.95% lost 48 cents, or 0.9%, to $51.21 a barrel on the Globex Electronic session of the New York Mercantile Exchange. February Brent crude LCOG7, -0.84% lost 46 cents, or 0.9%, to $54 a barrel.

Futures retreated as traders continued to weigh last week’s deal by the Organization of the Petroleum Exporting Countries. Nymex and Brent crude both gained more than 12% last week after the agreement to cut the equivalent of 1% of global supply.

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