West
Texas Intermediate fell, extending the longest stretch of weekly declines since
1998, as Saudi Arabia exported the most oil in eight years.
Futures
dropped as much as 0.4 percent in New York after sliding for a sixth week.
Saudi Arabia ranked as the world’s largest crude producer in September and
exported more oil than in any month since November 2005, according to data from
the Joint Organisations Data Initiative. France will continue with sanctions if
Iran doesn’t give up on nuclear weapons, President Francois Hollande said in
Israel yesterday. World powers will meet in Geneva on Nov. 20 for talks with
the Persian Gulf nation on its atomic program.
WTI
for December delivery fell as much as 34 cents to $93.50 a barrel in electronic
trading on the New York Mercantile Exchange and was at $93.56 at 11:55 a.m.
Sydney time. The contract rose 8 cents to $93.84 on Nov. 15. The volume of all
futures traded was about 14 percent below the 100-day average.
Brent
for January settlement fell as much as 30 cents to $108.20 a barrel on the
London-based ICE Futures Europe exchange. The front-month European benchmark
crude was at a premium of $14 to WTI futures.
Saudi
Arabia produced 10.12 million barrels a day and shipped 7.84 million barrels in
September, up from 7.8 million, statistics posted on the JODI website yesterday
show.
(Source: Bloomberg)
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