21.08.201715:01:00UTC+00Crude Oil Drops 2.4% As OPEC Meets

Crude oil futures slipped Monday as OPEC gathered in Vienna to discuss their supply quota plan with Russia.

Saudi Arabia is trying to cajole smaller cartel members to limit production in an effort to re-balance the global oil market.

OPEC oil supply is set to fall by 419,000 barrels per day (bpd) this month, a company that tracks OPEC shipments said today.

Sept. WTI oil was down $1.14, or about 2.4%, to settle at $47.37/bbl.

Traders are looking forward to comments from Federal Reserve Chair Janet Yellen at the Fed's economic policy symposium in Jackson Hole, Wyoming, on Friday. They will keep an eye on her remarks for clues about the outlook for monetary policy.