Oil edges lower, shrugging off Gulf of Mexico shut-ins | Reuters

Oil edges lower, shrugging off Gulf of Mexico shut-ins | Reuters:

Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and with Libya poised to resume production, and failed to get support from an impending storm which has disrupted U.S. output.

Brent crude LCOc1 settled down 22 cents, or 0.6%, at $39.61 a barrel while U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 7 cents, or 0.2%, at $37.26 a barrel.

Both contracts ended last week lower, falling for a second week in a row.

 “The storm is taking production offline in the Gulf of Mexico, and the market doesn’t care - that shows just how bad the situation is,” said Bob Yawger, director of energy futures for Mizuho in New York.