2017.09.1808:09:00UTC+00Crude Oil Can't Hold $50

Crude oil futures were lower Monday morning, once again unable to hold the $50 a barrel mark.

Oil prices have jumped sharply in September amid tough talk from OPEC. The cartel vows to keep supplies in check until the oil market is re-balanced and the global supply glut is erased.

Meanwhile, demand for crude oil in the U.S. is expected to rise as refineries get back to normal following two hurricanes. The U.S. rig count dropped for second week in a row, Baker Hughes said Friday.

WTI light sweet crude oil was down 37 cents to $49.52 a barrel.

On the economic front, the Housing Market Index for September will be released at 10.00 am ET. The economists are looking for consensus of 65, compared to 68 in the previous month.