US crude’s front-month contract settled down US$ 1.87, or 3.3%, at US$ 55.26 a barrel. It fell US$ 2 earlier to a session low at US$ 55.13. On Friday, US crude finished up nearly 5%, the largest gain since August 2012, as some traders took profits on short positions after prices hit five-year lows.
Oil prices resume slide, US crude back to US$ 55
Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said Opec would not cut production at any price.