Oil futures mark 4th straight loss as supply issue hovers

Oil futures settled lower for a fourth straight session on Monday, as traders showed caution in extending a hefty month-to-date price gain ahead of a meeting in April to address the global oil glut among major crude producers.

May West Texas intermediate crude CLK6, -0.53% fell 7 cents, or 0.2%, to settle at $39.39 a barrel on the New York Mercantile Exchange. That was the lowest settlement since March 16. May Brent crude LCOK6, -0.65%  on London’s ICE Futures exchange edged down by 17 cents, or 0.4%, to $40.27 a barrel.

For the month, however, WTI crude was up nearly 11% and Brent crude traded almost 14% higher.

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