Weekly Fundamentals - Confidence on OPEC Dented

Crude oil prices slumped on Friday, although USD declined on profit-taking, as the market lost confidence of an OPEC output cut. The front-month WTI crude contract, losing for the first time in 7 weeks, plunged -4.23% while the Brent crude contract, accelerating last week's fall, fell -4%. Both benchmarks settled below US$50/bbl for the week.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/weekly-fundamentals-confidence-on-opec-dented-2016102933775/