Futures Movers: Oil prices fall as worries over global supply resurface

Oil prices finished lower Monday, pressured by another weekly rise in the U.S. oil-rig count and uncertainty over whether OPEC will extend its production cuts into the second half of the year.

May West Texas Intermediate crude CLK7, -0.25% fell 24 cents, or 0.5%, to settle at $47.73 a barrel on the New York Mercantile Exchange—giving back nearly all of th e nearly 0.6% gain it saw Friday. May Brent crude LCOK7, +0.12% on the ICE Futures exchange in London eased by 5 cents, or 0.1%, to $50.75 a barrel.

On Friday, WTI oil rose 0.5%, while Brent gained 0.5%, but each saw weekly losses of 1.7% and 1.9%, respectively.

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