Oil prices drop back after two sessions of gains


Oil prices settled sharply lower Monday, pressured by expectations for further growth in U.S. crude production, as little news emerged from a technical meeting of OPEC and non-OPEC producers. “The fundamentals of the oil market remain bearish for now as U.S. production continues to grind higher and OPEC has so far failed at trying to offer material support to the market through their policy decisions,” said Tyler Richey, co-editor at the Sevens Report. September WTI crude

CLU7, -2.35%

fell $1.14, or about 2.4%, to settle at $47.37 a barrel on the New York Mercantile Exchange. It gained 3% on Friday.