Oil plumbs depths as OPEC refuses to blink

A modest rebound by oil futures gave way to fresh selling Monday, clearing the way for a new round of lows after the Organization of the Petroleum Exporting Countries offered no indication it’s ready to blink and cut production.

U.S. light, sweet crude futures for delivery in January CLF5, -0.54%  pushed modestly higher in early action, buoyed in part by port disruptions in Libya before sinking again. West Texas Intermediate crude oil, as the U.S. benchmark is known, fell $1.90, or 3.3%, to close at $55.91, the lowest finish since May 2009.

January Brent crude LCOF5, -0.41%  on London’s ICE futures exchange was dragged lower, falling 79 cents, or 1.2%, to $61.06 a barrel.