Oil futures settled lower Monday, with the U.S. benchmark at its lowest level in a week, failing to find much support from clashes in Iraq and Yemen as disappointing U.S. economic data dulled the outlook for energy demand.Oil traders also fretted over the potential for a recovery in U.S. shale-oil production and mulled the outcome of next month’s meeting of the Organization of the Petroleum Exporting Countries.
June crude CLM5, +0.07% fell 26 cents, or 0.4%, to settle at $59.43 a barrel on the New York Mercantile Exchange — the lowest settlement since May 11. July Brent crude LCON5, -0.12% on London’s ICE Futures exchange fell 54 cents, or 0.8%, to $66.27 a barrel.
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