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Crude Oil Drops Near $48

Crude oil futures edged lower Monday amid reports that OPEC may extend its supply quota experiment beyond this year.

OPEC members are cutting production in an effort to drive up oil prices, but a robust U.S. output has prevented any significant rally.

WTI crude oil was down 56 cents, or 1.2%, to settle at $48.22/bbl.

With little economic news to ponder, traders paid attention to remarks from Chicago Federal Reserve President Charles Evans.

"I think three is entirely possible, as I gain more confidence in the outlook I could support three total this year. If inflation began to pick up, that would certainly solidify my report. It could be three, it could be two, it could be four if things really pick up," Evans told the FOX Business Network.

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May 28 at 2:58 UTC