Oil prices fell Wednesday for a third-straight session, settling at their lowest level in more than two weeks. Prices saw volatile trading as the market weighed recent data showing a rise in output among producers who take part in the OPEC-led production-cut agreement, as well as speculation of a potential extension of the deal beyond the first quarter of next year. A U.S. government report released Wednesday, meanwhile, showed a much bigger-than-expected weekly drop in crude supplies along with a rise in gasoline stockpiles. November WTI crude fell 44 cents, or 0.9%, to settle at $49.98 a barrel on the New York Mercantile Exchange. That’s the lowest settlement and first finish below the $50 mark since Sept. 19, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News