Oil Futures Mark 1-week Low On Concerns Over Climbing U.S. Shale Output

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures fell by nearly 3% Wednesday as concerns over climbing U.S. shale output pushed prices to their lowest in about a week. Those concerns outweighed some earlier support from growing signs that major crude producers have kept output in check as promised. February West Texas Intermediate crude fell $1.40, or 2.7%, to settle at $51.08 a barrel--the lowest finish since Jan. 10, according to FactSet data.

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