Futures Movers: Oil prices extend fall from last week

Oil futures fell on Monday on rising U.S. oil output, extending a slide from the end of last week.

On the New York Mercantile Exchange, light, sweet crude futures CLH7, +0.43% traded at $52.89 a barrel, down 28 cents in the Globex electronic session. Brent crude on London’s ICE Futures exchange LCOH7, +0.23% fell 29 cents to $55.23 a barrel.

“The rise in U.S. output should not be unexpected; however we expect the reductions being made by OPEC [the Organization of the Petroleum Exporting Countries] will far exceed any rise in the U.S. and quickly reduce the global inventory that has been built up over the past two years,” ANZ Bank said in a report.

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