Oil fell on Wednesday

International benchmarks for oil prices moved lower on Wednesday (26 October) despite reports on drop in US commercial crude inventories for the week ending 21 October 2016. Market now concern about OPEC’s ability to finalize output cut deal in the coming meeting after Iraq said it needs oil income to fund its continuing war against Islamic State.

WTI closed at $49.18/barrel (-$0.78)

Brent closed at $49.98/barrel (-$0.81)