Oil prices slipped as traders took a...

Oil prices slipped as traders took a more cautious view of the outlook for OPEC production controls, letting the steam out of the market’s recent rally. On the New York Mercantile Exchange, contracts for September delivery of West Texas Intermediate crude, the nation’s benchmark, settled at $16.05 per 42-gallon barrel, off 33 cents. The near-term crude contract had gained $1.41 a barrel last week. For refined products, the near-term contract for wholesale gasoline lost 0.85 cent a gallon to settle at 51.22 cents, and heating oil fell 0.78 cent a gallon to finish at 44.17 cents. Traders said activity was light as attitudes turned bearish on the cartel’s chances for limiting overproduction and firming prices.