West TX Oil Drops Below $56 as OPEC Rules Out Emergency Meeting

Crude prices came under renewed selling pressure Monday after OPEC said it would not cut oil output despite fears of a glut, and a UAE official opposed holding an emergency meeting of the producer group to fix prices.

U.S. crude settled down $1.90 at $55.91 per barrel, the lowest settlement since May 2009. The contract slide further in after-hours trading.

Benchmark Brent oil was down 65 cents at $61.20. It had risen as much as $1.40 earlier to $63.25 after a session low at $60.28, a bottom since July 2009.

CNBC

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