Oil prices fell to a five-week low Monday on lingering negative sentiment around the proposed production cuts by major oil-producing nations. U.S. crude for December delivery settled down $1.84, or 3.8%, to $46.86 a barrel on the New York Mercantile Exchange, closing at the lowest level since Sept. 27. The move lower marked crude oil’s biggest one-day loss since Sept. 23. Brent crude, the global oil benchmark, settled down $1.41, or 2.8%, to $48.30 a barrel. With the official meeting of the Organization of the Petroleum Exporting Countries only a month away, many market watchers openly doubt whether the cartel can organize consensus on cutting production in time. Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia all refused to commit to cut or even freeze production until there was agreement among OPEC member states . “What we’re looking at is a little bit of disappointment that they weren’t able to […]