Oil rose in New York after its biggest monthly decline since July as OPEC ministers arrive in Vienna ahead of this week’s policy meeting.
West Texas Intermediate futures climbed 0.5 percent. Saudi Arabia will discuss all issues and listen to concerns of other members at the Friday gathering, said the nation’s Oil Minister Ali al-Naimi. The Organization of Petroleum Exporting Countries pumped more than its quota in November, exceeding it for an 18th month, a Bloomberg survey showed. Gasoline advanced after the U.S. changed blending requirements for the fuel.
West Texas Intermediate for January delivery rose 20 cents to settle at $41.85 a barrel on the New York Mercantile Exchange. Total volume was 15 percent below the 100-day average. Prices decreased 11 percent in November.
Brent for January settlement declined 17 cents to end the session at $44.44 a barrel on the London-based ICE Futures Europe exchange. It fell 10 percent in November. The European benchmark crude closed at a $2.59 premium to WTI.
Source : Bloomberg