Oil futures settled with a nearly 6% loss on Monday, pulling back after a big rally Friday.Expectations for a blizzard-related slowdown after much of the U.S.’s East Coast was slammed by snow helped pull prices for gasoline sharply lower.
March West Texas Intermediate crude CLH6, -1.75% lost $1.85, or 5.8%, to settle at $30.34 a barrel on the New York Mercantile Exchange. Prices had settled at a two-week high of $32.19 on Friday. March Brent crude LCOH6, -1.41% the global oil benchmark, retreated to $30.50 a barrel on London’s ICE Futures exchange, down $1.68, or 5.2%, following Friday’s 10% climb.
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