Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price.
U.S. crude's front-month contract settled down $1.87, or 3.3 percent, at $55.26 a barrel--not far from it's session low.
It closed up nearly 5 percent on Friday, the largest gain since August 2012, as some traders took profits on short positions after prices hit five-year lows.
Brent fell $1, or nearly 2 percent, to $60 after hitting session bottom at $59.93.
After a weekend of comments from several Gulf OPEC members reiterating their intent not to intervene in oil markets, despite oil prices that have halved since June, Ali al-Naimi told the Middle East Economic Survey it was "not in the interest of OPEC producers to cut their production, whatever the price is"—his starkest comments yet.