Oil futures post a third consecutive session decline
Oil futures fell Wednesday for a third session in a row, with U.S. prices settling at their lowest since Oct. 4. Prices declined as "continued fears over future demand serve to cap the recent rebound," said Michael Hewson, chief market analyst at CMC Markets UK. Continued concerns about future global demand and the bleak economic outlook from the International Monetary Fund are "raising the possibility that supply issues will be less of an issue than demand destruction," he said. In a report Wednesday, the Organization of the Petroleum Exporting Countries cut its estimate for growth in global oil demand. U.S. benchmark West Texas Intermediate crude for November delivery fell $2.08, or 2.3%, to settle at $87.27 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.