Oil Market Update

An earlier rally for oil futures fizzled Monday as OPEC, signaled, yet again, that it would not cut production to boost prices.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, -0.41%  fell 96 cents, or 1.2%, to trade at $77.71 a barrel. Prices had traded as high as $79.85 a barrel earlier.

December Brent crude LCOZ4, -0.34%  on London’s ICE Futures exchange declined 59 cents, or 0.7%, to $82.79 a barrel. Brent had traded as high as $84.97 a barrel.

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