Oil Falls To Lowest Settlement In More Than 10 Months

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices fell Wednesday to mark the lowest settlement for a front-month futures contract since Aug. 10, according to FactSet data. The broader trend for oil is its "steady slide" in prices, since the Organization of the Petroleum Exporting Countries in late May extended its output-cut agreement through March of next year, said Robbie Fraser, commodity analyst at Schneider Electric. "The primary factor behind that drop continues to be upward revisions to U.S. production expectations, which was once again highlighted" by a 20,000 barrel-per-day increase in the Energy Information Administration's weekly production estimate, he said. August WTI crude lost 98 cents, or 2.3%, to settle $42.53 a barrel on the New York Mercantile Exchange.

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