Oil futures fell more than 3% early Monday after the Organization of Petroleum Exporting Countries decided not to cut production further at its weekend meeting. Crude oil for April delivery dropped $1.57, or 3.4%, to $44.68 a barrel in electronic trading on Globex. OPEC, which controls about a third of the world's oil production, met in Vienna on Sunday. The cartel urged members to fully comply with production cut agreed last year, but no additional reductions were announced.

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