Oil Snaps 3-session Rise As Non-OPEC Output Comes Into Focus

By Mark DeCambre Markets MarketWatch Pulse

Crude-oil prices on Wednesday logged their first loss in four sessions, giving the previous day's gain and then some as concerns about growing output from producers outside of a pact to curtail global oversupply plagued investors. West Texas Intermediate crude oil for April delivery finished off 74 cents, or 1.4%, at $53.59 a barrel. Comments from Qatar's oil minister, Mohammed al-Sada, kicked off the downbeat sentiment. Speaking at an energy meeting in London, al-Sada said major oil producers outside of OPEC weren't cutting production, as much as they had pledged. The crude market has been anxious about rising production, namely from U.S. shale-oil producers and Russia, who has a history of non-compliance to production limits. Looking ahead, investors are awaiting inventory data from the American Petroleum Institute late Wednesday.

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