Oil futures declined on Monday, with U.S. benchmark prices settling at their lowest in about two and a half weeks. Uncertainty surrounds the outlook for demand and production ahead of an expected interest-rate hike by the Federal Reserve and a committee meeting of the Organization of the Petroleum Exporting Countries and their allies, both due Wednesday. U.S. benchmark West Texas Intermediate crude for March delivery CLH23 declined by $1.78, or 2.2%, to settle at $77.90 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Jan. 11, according to Dow Jones Market Data.
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