Oil Closes Below $50 for First Time in a Year as Glut Fears Grow
- Skepticism abounds despite exporters’ pledges to curb output
- WTI crude falls 2.6 percent, erasing early-session gains
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OPEC has its work cut out to persuade the market that its output caps will stabilize oil prices -- and U.S. producers aren’t helping.
Crude settled below $50 a barrel in New York on Monday for the first time in more than a year and continued falling in after-hours trading. The slide began after data provider Genscape Inc. was said to report growing inventories at the biggest American storage hub and intensified as the U.S. Energy Department forecast higher output in the country’s shale plays.