Oil Suffers Largest Decline In a Month, After 8-session Rally

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled with a loss of more than 4% Wednesday--their largest such decline in a month. Prices pulled back on the heels of eight-straight sessions of gains on reports of a rise in monthly crude exports from the Organization of the Petroleum Exporting Countries and news that Russia has ruled out deeper OPEC-led production cuts. August WTI crude fell $1.94, or 4.1%, to settle $45.13 a barrel on the New York Mercantile Exchange.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.