Oil Falls For Third Day As Doubts Over OPEC Cuts Linger

U.S. light crude was down 15 cents, or 0.3 percent, at $49.02 a barrel, after falling 0.4 percent on Tuesday.Crude stockpiles in the U.S. dropped more than expected last week as imports declined and refinery runs increased, while gasoline inventories increased unexpectedly, the American Petroleum Institute said late on Tuesday.

Crude inventories declined by 7.8 million barrels in the week to 478.4 million, compared with analyst expectations for a decrease of 2.7 million barrels. The U.S. Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. ET (1430 GMT) on Wednesday.But the market seems immune to bullish signs of falling stockpiles as the Organization of the Petroleum Exporting Countries (OPEC) and other major producers struggle to maintain compliance with a deal to cut output and drain U.S. inventories. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774