NEW YORK (Reuters) – Oil prices dropped on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up.
Brent crude futures settled at $45.28 a barrel, down 53 cents, or 1.2%. U.S. West Texas Intermediate crude CLc1 settled at $42.61 a barrel, down 36 cents, or 0.8%.
Brent still closed out August up 7.5% for a fifth successive monthly price rise. WTI logged a fourth monthly gain at 5.8% after hitting a five-month high of $43.78 a barrel on Aug. 26 when Hurricane Laura struck.
