Oil falls for third day as doubts over OPEC cuts linger

9 Aug 2017   Prices

Crude futures fell for a third day on Wednesday despite a bigger than expected drop in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC’s ability to restrain supply as promised. Benchmark Brent crude was down 27 cents, or 0.5 percent, at $51.87 a barrel at 0233 GMT. In the previous session, it settled down 0.4 percent. U.S. West Texas Intermediate (WTI) crude was down 21 cents, or 0.4 percent, at $48.96 a barrel, after falling 0.4 percent on Tuesday. Crude stockpiles in the U.S. dropped more than expected last week as imports declined and refinery runs increased, while gasoline inventories grew unexpectedly, the American Petroleum Institute said late on Tuesday. Crude inventories declined by 7.8 million barrels in the week to 478.4 million, compared […]

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