U.S. oil pares much of its losses by the finish, but still settle at a 2-week low

Benchmark U.S. oil prices logged their lowest finish in two weeks on Monday, weighed down by worries about energy demand and a stronger dollar. Prices, however, finished off the session’s worst levels. John Caruso, senior market strategist at RJO Futures, said the market may have seen "some seller exhaustion" ahead of the weekly supply data from the American Petroleum Institute on Tuesday and Energy Information Administration Wednesday. In other oil-related news, Reuters reported Monday afternoon that eastern Libyan military forces took control over the country’s largest oilfield from protesting state guards – a move that could lead to a resumption of oil production there. March West Texas Intermediate oil CLH9, -0.61% shed 31 cents, or 0.6%, to settle at $52.41 a barrel after trading as low as $51.23.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Source: Read Full Article