Oil is on track for its fourth consecutive weekly loss and has plunged today to the lowest since July. WTI crude oil is down $3.60 to $73.11, a drop of 4.2%It's the lowest since July 11 as the market trades on a surprising amount of supply, despite OPEC removing around 3 million barrels per day. Coming into the quarter, analysts were looking for inventory draws of around 2 million barrels per day but that's turned out to be more like 200k bpd as OPEC countries have increased exports.Officials at OPEC say that's a seasonal pattern and not a sign of quota cheating but it's led to a rout in oil prices. Now OPEC will have to decide on whether to continue to curb production or to go after market
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