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Oil Falls From 16-Month High As OPEC Production Keeps On Rising [Investor's Business Daily]

MIZUHO FINANCIAL GROUP (MFG)  More Company Research Source: Investors Business Daily
US:NYSE Investor Relations: mizuho-fg.com/investors/index.html
PDF Futures Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November. Crude dropped 1.7% in New York after rising 15% over the previous four sessions. OPEC boosted production to 34.16 million barrels a day last month, according to a Bloomberg News survey. Attention is shifting to which non-OPEC producers will join Russia in reducing output when they meet in Vienna on Saturday. OPEC is hoping they will cut another 300,000 barrels a day beyond the 300,000 already promised by Russia. Oil topped $50 a barrel after the Organization of Petroleum Exporting Countries agreed last Wednesday to trim the group’s output by 1.2 million barrels a day starting in January to stem a supply glut and buoy prices. Russia — which isn’t part of the bloc — pledged a reduction of as much as 300,000 barrels. "There are two things moving us lower, the first being the rise in OPEC production," Bob Yawger, director of the futures division at Mizuho Securities USA in New York, said [Read more]

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