Oil prices under pressure as hopes dim for production cuts

Oil prices extended losses on Monday after a Saudi official’s comment eroded market hopes that major oil producers will reach agreement on output cuts this month.

On the New York Mercantile Exchange, West Texas Intermediate crude for May CLK6, -1.47%  fell 50 cents, or 1.3%, to $36.30 a barrel. On Friday, WTI prices settled at $36.79 a barrel, down $1.55, or 4%. Futures settled at their lowest level since March 15 and lost 6.8% for the week, according to FactSet.

June Brent crude LCOM6, -1.22% the global benchmark, fell 42 cents, or 1.1%, to $38.25 a barrel. On Friday, the contract fell $1.66, or 4.1%, to $38.67 a barrel on London’s ICE exchange, losing nearly 6% for the week.

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