Oil futures settled Monday at their lowest level in three months as the prospect of more oil-drilling activities in the U.S., a glut of petroleum-product supplies and an expected slowdown in domestic refining activities renewed worries that inventories of crude will continue to outpace consumption.“Supply continues to return from disruptions, refined products are severely oversupplied, crude demand is falling well short of product demand and key product demand is decelerating,” analysts at Morgan Stanley said in a note dated Sunday.
September West Texas Intermediate crude CLU6, +0.23% fell $1.06, or 2.4%, to settle at $43.13 a barrel on the New York Mercantile Exchange. That was the weakest settlement for a most-active contract since April 25, according to FactSet data. September Brent crude LCOU6, +0.42% on London’s ICE Futures exchange fell 97 cents, or 2.1%, to $44.72 a barrel.
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