Oil posts lowest settlement in nearly 6 1/2 years

Oil futures finished below $42 a barrel on Monday to mark their lowest settlement in almost six-and-half years, as traders continued to fret over a global crude glut and analysts predicted declines in demand and prices in the coming weeks.

September West Texas Intermediate crude CLU5, -0.26% fell 63 cents, or 1.5%, to settle at $41.87 a barrel on the New York Mercantile Exchange. That’s the lowest settlement price for a front-month contract since March 3, 2009.

On London’s ICE Futures exchange Monday, October Brent crude LCOV5, -0.29% ended down 45 cents, or 0.9%, at $48.74 a barrel after seesawing between gains and losses.

In a weekly report, analysts at Morgan Stanley said they have “concerns about crude fundamentals and prices in [the second half of 2015] and 2016.”

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