Oil Futures End At Lowest Level In 3 Weeks

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures fell Wednesday to settle at their lowest level in roughly three weeks. "Oil prices shrugged off the minor, yet unexpected, draw to [U.S. crude] stocks," as the market continued to "come to terms with the growing unlikelihood" of an agreement by the Organization of the Petroleum Exporting Countries to cut production a month from now, said Troy Vincent, an oil analyst at ClipperData. December WTI crude fell 78 cents, or 1.6%, to settle at $49.18 a barrel on the New York Mercantile Exchange. That marked the lowest settlement since Oct. 4, according to FactSet data.

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