Why the US will still need to import oil from OPEC $UWTI $DWTI $XLE $OIL $UGAZ

Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.

Donald Trump’s surprise victory in last week’s U.S. presidential election has boosted stocks and the dollar, but undermined much of the commodities complex, including oil, which has sagged as expectations that the world’s largest exporters will agree to reduce output this month have waned.

Brent crude futures were down 49 cents, or 1.1 percent, at $44.26 a barrel by 9:51 a.m. ET (1351 GMT), while NYMEX crude futures fell 59 cents, or 1.4 percent, to $42.82 a barrel.

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