Energy futures slumped Monday amid a growing lack of confidence that OPEC members can resolve their differences and devise a plan to cut back production and raise prices.
Most deliveries of unleaded gasoline plunged the 2 cents-a-gallon limit for daily trading on the New York Mercantile Exchange. Heating oil also bounced off limit losses before settling sharply lower.
On some other markets, cotton futures advanced the 2 cents-a-pound limit; wheat was higher but corn and soybeans lower, and cattle futures moved higher while hogs were mixed.
Oil futures collapsed on news that Saudi Arabia rejected the ideas of merely extending a temporary pact among members of the Organization of Petroleum Exporting Countries that has limited oil production the last six weeks.