U.S. oil futures fall a fifth session to settle at lowest since late June

Oil futures fell for a fifth straight session Wednesday, leading U.S. prices to settle below $70 a barrel for the first time in more than five months. “The market is doubtful about the efficacy of OPEC’s latest output cuts,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. “The fact that U.S. is exporting near 6 million barrels of the black stuff per day also makes the job of oil producers in the OPEC+ group difficult, as they have to give up more market share as part of their agreement to withhold supplies.” January West Texas Intermediate crude
CLF24,
+0.40%
fell $2.94, or 4.1%, to settle at $69.38 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract settled at their lowest since June 27, according to Dow Jones Market Data.