Oil weakens on fears Irma could dent U.S. demand

FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo

Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation.

Losses were capped by weekend talks between Saudi Arabia’s oil minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March.

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