Oil Futures Settle Under $50 At Lowest Level In a Week

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures fell Tuesday to settle under $50 a barrel for the first time in just over a week as doubts continued to surround the Organization of the Petroleum Exporting Countries' plan to curb production. The market also looked ahead to the latest weekly data due from the American Petroleum Institute later Tuesday and the Energy Information Administration early Wednesday. They are expected to show a rise of 400,000 barrels in crude stockpiles, according to S&P Global Platts. December WTI crude fell 56 cents, or 1.1%, to settle at $49.96 a barrel on the New York Mercantile Exchange.

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