Oil futures settle lower for the session, climb for the month

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Oil futures settled modestly lower on Monday, paring their gain for the month as traders continued to weigh the outlook for demand against ongoing OPEC+ production cuts. “The uptrend has clearly lost momentum since the early stages of the Q2 rebound,” said Tyler Richey, co-editor at Sevens Report Research. However, “the path of least resistance is still higher right now as technical support has been built out” in the low $40 a barrel level. “That key support area should hold barring another massive demand shock like we saw during the early 2020 global lockdowns,” he said. October West Texas Intermediate oil fell 36 cents, or 0.8%, to settle at $42.61 a barrel on the New York Mercantile Exchange. For the month, front-month prices rose 5.8%, according to Dow Jones Market Data.
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