Oil priced continued their fall Monday, dipping near a seven-year low on expectations that producers around the world will continue pumping crude at near-record levels in an already oversupplied market. The Organization of the Petroleum Exporting Countries said at a meeting Friday that it will maintain its current production levels, which exceed the group’s output target of 30 million barrels a day.
The Wall Street Journal reports OPEC’s decision contributed to a broad selloff in energy Monday, as warm weather forecasts pushed natural-gas prices to multi-month lows. Oil prices are broadly expected to stay low in 2016.