Oil futures fell Monday, reversing course as concerns about falling demand and rising supplies offset earlier anticipation about an interest rate cut.
Many investors who had jumped into oil futures markets as crude prices were rising are now looking for opportunities to sell. Many found such an opportunity earlier Monday morning when oil rose to near to near $90 a barrel, said James Cordier, president of Liberty Trading Group.
Light, sweet crude for January delivery fell 42 cents to settle at $87.86 a barrel on the New York Mercantile Exchange.
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