Oil prices moved upward Nov. 26 as the market looked to the upcoming Dec. 6 meeting of the Organization of Petroleum Exporting Countries in Vienna where it is expected that Saudi Arabia will propose production cuts of as much as 1.4 million b/d.
The increase was not enough to erase last week’s drop, however, as demand concerns remain as Saudi Arabia reached record output in November. Reuters reported Saudi crude oil production reached 11.1-11.3 million b/d during the month, citing an industry source.
Light, sweet crude oil prices were up $1.21 Nov. 26 on the New York market while Brent crude oil prices in London increased by $1.68.
Energy prices
The January light, sweet crude contract on the New York Mercantile Exchange closed Nov. 26 at $51.63/bbl, up $1.21. The February contract also was up $1.21 to $51.80/bbl.
Natural gas for December fell 6¢ to close at a rounded $4.25/MMbtu on Nov. 26.
Ultralow-sulfur diesel for December increased 1¢ to $1.89/gal. The NYMEX reformulated gasoline blendstock for December increased 5¢ to $1.44/gal.
Brent crude oil for January increased $1.68 to $60.48/bbl on London’s International Commodity Exchange. The February contract fell $1.52 to $60.56/bbl. The gas oil contract for December was $585.75/tonne.
OPEC’s basket of crudes for Nov. 26 reached $59.29/bbl, down 98¢.
