# Oil Caps Biggest Weekly Decline Since January on OPEC Doubts - Bloomberg

> Oil posted its biggest weekly loss in almost 10 months, falling 11 percent over six sessions. Prices dropped after doubts grew that OPEC could implement its promised production cut, and after a Reuters report that Saudi Arabia had threatened to raise output. Losses eased after OPEC's Secretary-General said the kingdom had not made that threat.

- Date: 2016-11-03 · published 2016-11-03T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/74009-oil-caps-biggest-weekly-decline-since-january-on-opec-doubts-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Doubts about OPEC's ability to cut output point to continued oversupply, which weighs on crude prices and the energy-linked costs that support biofuel demand for feedstocks.

## Read by commodity

- WTI: bearish ▼

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2016-11-03/crude-oil-trades-at-five-week-low-as-global-glut-seen-expanding

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.