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Oil closed down more than one percent despite a surprise drop in US crude inventories continued warned traders that OPEC is unable to cut production in late November.
The US Energy Information Administration said US crude inventories fell 553 thousand barrels last week while analysts forecast polled by Reuters to increase 1.7 million barrels.
The US crude stocks fell unexpectedly in seven of the last eight weeks violation of the usual trend for fall when stocks rise with the entry of the maintenance season in the refineries.
Brent $ 50 a barrel. But the recovery was limited by doubts in the success of the Organization of the Petroleum Exporting Countries [OPEC], which meets on 30 November in Vienna in the implementation of its plan to reduce production.
He said Tariq Zahir oil trader and fund manager at Taic Financial Advisors in New York, "the focus point from now on the OPEC meeting, which solves a month from now as unlikely as it seems that Iran, Libya, Nigeria is committed to production cuts."
He said Scott Shelton broker energy contracts with ICAP that is likely to continue to decline in prices, with West Texas Intermediate to $ 47 and Brent down to a range between 48 and $ 48.50 a barrel by the end of the month with the growing market doubts about OPEC's ability to persuade.
Brent crude fell 81 cents, equivalent to 1.6 percent of the score settled at US $ 49.98 a barrel, after falling earlier to $ 49.65, its lowest level since Sept. 30.
And went down US crude West Texas Intermediate 78 cents, or 1.6 percent, to $ 49.18 after it fell in a race time to $ 48.87, the lowest level since the fourth of October.
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Oil falls more than 1% on fears of OPEC's inability to reduce production
[/ltr][ltr][rtl]History[/rtl] of [rtl]edits:: 2016/10/27 8:59 • 74 visits readable[/rtl][/ltr]
[ltr]
[Where - Follow-up]
Oil closed down more than one percent despite a surprise drop in US crude inventories continued warned traders that OPEC is unable to cut production in late November.
The US Energy Information Administration said US crude inventories fell 553 thousand barrels last week while analysts forecast polled by Reuters to increase 1.7 million barrels.
The US crude stocks fell unexpectedly in seven of the last eight weeks violation of the usual trend for fall when stocks rise with the entry of the maintenance season in the refineries.
Brent $ 50 a barrel. But the recovery was limited by doubts in the success of the Organization of the Petroleum Exporting Countries [OPEC], which meets on 30 November in Vienna in the implementation of its plan to reduce production.
He said Tariq Zahir oil trader and fund manager at Taic Financial Advisors in New York, "the focus point from now on the OPEC meeting, which solves a month from now as unlikely as it seems that Iran, Libya, Nigeria is committed to production cuts."
He said Scott Shelton broker energy contracts with ICAP that is likely to continue to decline in prices, with West Texas Intermediate to $ 47 and Brent down to a range between 48 and $ 48.50 a barrel by the end of the month with the growing market doubts about OPEC's ability to persuade.
Brent crude fell 81 cents, equivalent to 1.6 percent of the score settled at US $ 49.98 a barrel, after falling earlier to $ 49.65, its lowest level since Sept. 30.
And went down US crude West Texas Intermediate 78 cents, or 1.6 percent, to $ 49.18 after it fell in a race time to $ 48.87, the lowest level since the fourth of October.
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