Oil futures finished modestly lower on Monday after a volatile trading session marked by traders’ reactions to Saudi Arabia’s pledge to work with global oil producers in an effort to stabilize prices. January West Texas Intermediate crude shed 15 cents, or 0.4%, to settle at $41.75 a barrel on the New York Mercantile Exchange. Brent crude however, settled up 17 cents, or 0.4%, to $44.83 a barrel on London’s ICE Futures exchange.
WTI futures had traded as high as $42.75 a barrel after the Saudi Press Agency reiterated that the country was ready to work with oil producing and exporting nations toward stable prices. The rebound lost steam, however, as analysts noted the remarks were in line with previous Saudi statements.