» » WTI Crude Fell Below US$50/bbl

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Crude oil prices declined with the WTI benchmark closing below US$50/bbl for the first time in 3 weeks. After Iraq sought to be excluded from OPEC's proposed output cut deal, Russia reiterated that it has no plan to cut production for now. Meanwhile, a huge build in crude oil inventory further dampened sentiment. The front-month WTI crude oil contract dropped -1.108% to 49.96 at close, while the Brent contract fell -1.3% to settle at 50.79, the lowest close since September 30. Stock markets eased. Wall Street drifted lower on mixed earnings results and economic data.


from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/wti-crude-fell-below-us50bbl--2016102633759/
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