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U.S. oil prices dropped to a three-week trough as the market shifted its attention from a drop in U.S. crude inventories towards shaky prospects for a planned agreement to lower production by the OPEC.
Brent crude futures shed 81 cents or 1.59% to trade at $49.98 per barrel while U.S. crude futures lost 78 cents or 1.56%, closing at $49.18 per barrel, its lowest finish since early October.
U.S. crude stockpiles fell by 553, 000 barrels during the most recent week. Despite consecutive weeks of declining stocks, analysts maintain their cautious outlook on when supply and demand will be rebalanced.
Analysts estimate that the decline in fuel inventories were not significant enough to break away from worries regarding OPEC's ability to reach an accord about reducing output. Russia's mixed statements is adding uncertainty to the market. The major non-OPEC crude producer had previously indicated its inclination to participate in a planned cut, but recent comments by its energy officials signal that the country is changing its stance.
