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06-Dec2018

Crude oil futures end lower on Wednesday

Crude oil futures ended lower on Wednesday on report that oil production from the Organisation of the Petroleum Exporting Countries (OPEC) rose by 40,000 barrels a day to 33.08 million barrels in November from a month earlier. Output in Iran fell because of US sanctions on the country's energy sector, but production rose in Saudi Arabia and the United Arab Emirates. Further, cautiousness too prevailed as global investors awaited clarity on a possible output cut by major producers gathering in Vienna. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee, or JMMC, which includes the OPEC member Saudi Arabia and nonmember Russia, met on Wednesday. It recommended a production cut from the September-October output levels. OPEC will hold its official meeting on Thursday, with another key meeting between the group's members and nonmember allies to be held Friday.

Benchmark crude oil futures for January declined 36 cents or 0.7 percent to settle $52.89 a barrel on the New York Mercantile Exchange. February Brent crude dropped 52 cents or 0.8 percent to settle at $61.56 a barrel on London's Intercontinental Exchange.


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