Oil Futures End At Lowest Level In 3 Weeks

By Myra P. SaefongMarketsMarketWatch 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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