Oil prices ended in the red on Monday with lingering concerns over a global supply glut and weakening demand pushing prices to their lowest settlement in roughly two months.
Natural-gas prices meanwhile, dropped for a fourth trading day in a row, losing nearly 10% for the session to hold ground at their lowest level since 2012.
December West Texas Intermediate crude fell by 62 cents, or 1.4%, to settle at $43.98 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Aug. 27, based on the most-active contracts, according to FactSet. December Brent crude on London’s ICE Futures exchange shed 45 cents, or 0.9%, to $47.54 a barrel.
Excess supplies have been weighing on oil prices since the summer of 2014. Oil prices have dropped by more than half since then, but the market is watching for signs of lower output.