Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 percent since June 2014. The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions. This compounded an oil glut that sees production exceed demand between 0.5-2 million barrels per day and that has resulted in a more than 60 percent price drop since 2014. U.S. crude was trading at $39.58 a barrel at 0038 GMT, down 39 cents. Internationally traded Brent futures were down 16 cents at […]