NEW YORK, Nov. 26 (Xinhua) -- Crude prices retreated Monday as investors believed the Organization of Petroleum Exporting Countries (OPEC) would raise crude production.
CNBC reported Monday that Saudi Arabia has already boosted its oil output. Analysts said confirmed reports last week by two research firms found OPEC production is rising faster than expected.
Light, sweet crude for January delivery fell 48 cents to 97.70 dollars a barrel on the New York Mercantile Exchange. London Brent crude finished 44 cents off at 95.32 dollars.
Heating oil, which rose 0.24 cent to settle at 2.7066 dollars a gallon after setting a new record of 2.7272 dollars a gallon on forecasts for colder weather in the Northeast over the next couple of weeks.
CNBC reported Monday that Saudi Arabia has already boosted its oil output. Analysts said confirmed reports last week by two research firms found OPEC production is rising faster than expected.
Light, sweet crude for January delivery fell 48 cents to 97.70 dollars a barrel on the New York Mercantile Exchange. London Brent crude finished 44 cents off at 95.32 dollars.
Heating oil, which rose 0.24 cent to settle at 2.7066 dollars a gallon after setting a new record of 2.7272 dollars a gallon on forecasts for colder weather in the Northeast over the next couple of weeks.
