Crude Oil Prices Extended Weakness despite Inventory Withdrawal

Crude oil prices fell for a third consecutive day although US inventory surprisingly dropped last week. The market had got increasing doubtful over OPEC's production cut plan. The front-month WTI crude oil contract initially slipped to a 3-week low of 48.87, before ending the day at 49.18, down -1.56%. The Brent crude contract also plunged -1.6%, settling below US$50/bbl for the first time since September 30.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/crude-oil-prices-extended-weakness-despite-inventory-withdrawal-2016102733765/