Oil Drops on Holiday Trading and High Inventories

West Texas Intermediate crude headed for a third monthly decline, the longest losing streak in almost five years, amid rising OPEC exports and increased supplies in the U.S., the world’s biggest oil consumer.
Futures rose as much as 0.6 percent in New York after falling 1.5 percent on Nov. 27, the most in two weeks. OPEC, which meets next week, will boost exports through mid-December by 3 percent as refineries resume after maintenance, according to tanker tracker Oil Movements. The U.S. pumped crude at the fastest rate in almost 25 years while inventories climbed to the highest since June, Energy Information Administration data released on Nov. 27 show.

WTI for January delivery was at $92.76 a barrel in electronic trading on the New York Mercantile Exchange, up 46 cents from its Nov. 27 close, as of 12:59 p.m. London time. Prices, down 3.7 percent in November, are set for the longest monthly slide since January 2009. Floor trading was suspended yesterday for the U.S. Thanksgiving holiday and electronic transactions will be booked today.

via Bloomberg

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