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MARKET WATCH: NYMEX crude settles above $51/bbl
Oil & Gas Journal: 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.
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