Oil futures plunged further on Monday to mark their lowest settlements in nearly 7 years, in the aftermath of the decision by the Organization of the Petroleum Exporting Countries last week to keep crude production running at current levels.January West Texas Intermediate crude CLF6, +0.42% dropped $2.32, or 5.8%, to settle at $37.65 a barrel on the New York Mercantile Exchange. That was the largest one-day percentage loss since September.
January Brent crude LCOF6, +0.66% fell $2.27, or 5.3%, to end at $40.73 a barrel on London’s ICE Futures exchange.
WTI and Brent prices, which each lost about 4.2% last week, haven’t settled at levels this low since February 2009, based on the most-active contracts.
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