Oil futures logged a third straight session loss on Monday, with West Texas Intermediate prices settling back under $30 a barrel on continuing fears about the global oversupply of crude and a lack of action among major producers to cut output.On the New York Mercantile Exchange, March West Texas Intermediate crude CLH6, +1.79% declined by $1.20, or 3.9%, to settle at $29.69 a barrel. Prices, which already lost about 4.3% over the past two trading sessions, marked their lowest settlement since Jan. 21. Brent crude LCOJ6, +1.31% the global oil benchmark, fell $1.18, or 3.5%, to $32.88 a barrel on London’s ICE Futures exchange.
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