Oil production from the Organization of the Petroleum Exporting Countries fell to the lowest level in six months in November, according to an S&P Global Platts survey released Thursday. OPEC output declined by 220,000 barrels a day in November from a month earlier, to 32.35 million barrels a day. The decline was driven by “steady” crude production falls in Angola, Saudi Arabia, Iraq, Venezuela, Libya and the UAE, S&P Global Platts said. Saudi Arabia’s output fell by 50,000 barrels a day to a four-month low of 9.97 million barrels a day. Output from Nigeria and Algeria, however, climbed. January West Texas Intermediate crude held onto earlier gains, trading 50 cents, or 0.9%, higher at $56.46 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- Market Extra: Gold will continue its climb in 2018, World Gold Council predicts - December 14, 2017
- Metals Stocks: Gold climbs after Fed sticks to 3 rate hikes next year - December 14, 2017
- Barron’s: What stock-market sector looks good in 2018? Think planes, trains and automobiles - December 14, 2017