WTI Crude Fell Below US$50/bbl

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.