U.S. crude oil futures tumbled Monday, as Kuwaiti officials suggested OPEC will maintain its production quotas.
Nymex Nov. WTI crude plunged 5.1 percent to $47.10 a barrel, having jumped to a 3-month peak above $50 last week.
OPEC sees non-OPEC production falling as U.S. and Canadian companies fail to make money on sub-$50 oil.
The cartel slashed its U.S. oil production forecast by 280,000 barrels a day next year, to 13.538 million barrels a day, the first decline in six years
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