Futures Movers: Oil prices finish lower after Middle East countries cut Qatar ties

Oil prices finished lower Monday as Saudi Arabia and three other countries cut ties with Qatar, raising uncertainty about Middle East oil production.

Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all severed diplomatic ties with Doha on Monday, accusing it of meddling in their internal affairs and backing terrorism, which the country denies.

On the New York Mercantile Exchange, July West Texas Intermediate crude CLN7, +0.30% fell 26 cents, or 0.6%, to settle at $47.40 a barrel. August Brent crude LCOQ7, +0.32% on London’s ICE Futures exchange slipped 48 cents, or 1%, to $49.47 a barrel.

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