December crude contract expires at low

The December contract for benchmark US crudes expired Nov. 17 at $55.81/bbl, the lowest closing price in 17 months on the New York Mercantile Exchange, amid calls from some members of the Organization of Petroleum Exporting Countries for another production cut.The contract had plunged $2.50 to $56.26/bbl Nov. 16, the lowest closing for a front-month oil contract since Nov. 18, 2005.The new front-month January crude contract slipped by 17¢ to $58.81/bbl Nov. 20 but rebounded to $60.17/bbl in the next trading session as strong winds halted tanker loadings in Valdez, Alas., and reduced the flow of crude through the Trans-Alaska Pipeline to 25% of normal capacity.NYMEX was closed Nov. 23...

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