Crude Oil Prices Extended Weakness despite Inventory Withdrawal

Crude oil prices fell for a third consecutive day although US inventory surprisingly dropped last week. The market had got increasing doubtful over OPEC’s production cut plan. The front-month WTI crude oil contract initially slipped to a 3-week low of 48.87, before ending the day at 49.18, down -1.56%. The Brent crude contract also plunged -1.6%, settling below US$50/bbl for the first time since September 30.

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