By Golnar Motevalli 1 hour, 53 minutes ago LONDON (Reuters) - Oil fell below $120 a barrel on Monday, pressured by evidence of rising OPEC output in the midst of declining demand in the United States and Europe.The losses, adding to a record slide from the mid-July peak over $147 a barrel, came despite a storm in the Gulf of Mexico that was curbing oil production, shipping and refining.
"Crude futures are down despite a brewing storm and that shows you how momentum has shifted in this market," said Phil Flynn, analyst at Alaron Trading in Chicago.
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