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Futures Movers: Oil turns lower as bulls fail to shake off supply worries

The U.S. crude-oil benchmark gave up a modest gain to settle at a seven-month low Monday, as worries about U.S. output growth persisted.

On the New York Mercantile Exchange, light, sweet crude for delivery in July CLN7, -1.41% fell 54 cents, or 1.2%, to close at $44.20 a barrel, its lowest close since Nov. 14. August Brent crude LCOQ7, -1.03% on London’s ICE Futures exchange, the global benchmark, declined 46 cents, or 1%, to end at $46.91 a barrel.

“The relentless increase in the U.S. oil-rig count continued for a 22nd week with Baker Hughes data showing that another six oil rigs were added in the week to last Friday,” wrote analysts at JBC Energy, in a Monday note.

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