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Oil futures slump to largest single-day drop since Sept. 1

Oil futures settled sharply lower Monday as data showed members of the Organization of the Petroleum Exporting Countries continued to pump at a breakneck pace last month, leaving crude to give back some of last week’s sizable gains.

On the New York Mercantile Exchange, light, sweet crude futures for November delivery CLX5, -1.11%  dropped $2.53, or 5.1%, to end at $47.10 a barrel. November Brent crude LCOX5, -0.59%  on London’s ICE Futures exchange fell $2.79, or 5.3%, to finish at $49.86 a barrel. Both contracts saw their largest one-day price and percentage declines since Sept. 1.

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