Oil Market Update

Oil prices slumped again on Monday, as comments about maintaining production from several OPEC ministers sparked a renewed selloff.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February   CLG5, +1.50%  gave up earlier gains and settled $1.75, or 3%, lower at $55.38 a barrel. February Brent crude on London’s ICE Futures exchange   LCOG5, +0.83% reversed earlier gains and was trading slightly above $60 a barrel.