Oil is down amid doubts about the continuation of the recent rally



04/10/2017 11:38 | Number of readings: 65


Trend Press / Agencies

Oil prices fell on Wednesday, with investors cautious that the rally that lasted most of the third quarter will not continue in the last three months of the year.



By 0619 GMT, US WTI crude futures were trading at $ 50.10 a barrel, down 32 cents, or 0.6 percent, from the previous settlement. Crude fell below $ 50 a barrel earlier in the session.



Brent crude fell 26 cents, or 0.5 percent, to $ 55.74 a barrel.



The declines came amid fears that the market rally in the third quarter would be overstated, with Brent rising in late September to its highest level since mid-2015.



"The fundamentals may not be strong enough to sustain the rally, especially in growth-dependent commodities such as oil," said Ole Hansen, head of commodity strategy at Saxo Bank in Denmark, in quarterly investor forecasts.

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