Oil prices fall over 1% on pre-OPEC decision volatility

US Crude Oil Production Will Crude Oil Futures Collapse

Crude palm oil prices fell 0.42 per cent to Rs 583.90 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at spot markets.

Oil ministers from the Organization of the Petroleum Exporting Countries and other producers began gathering in Vienna on Wednesday to discuss extending a deal that has so far reduced crude oil production by 1.8 million barrels per day (bpd) and helped boost oil prices by 40% since the middle of the year. January crude fell 20 cents, or 0.3%, from Tuesday to $57.79 a barrel on the New York Mercantile Exchange, little changed from $57.77 before the supply data.

Crude futures bounced around on the news, but as of 10:56 a.m. EST (1556 GMT), oil prices were marginally higher, with US crude at $58.22 a barrel, up 23 cents on the day.

Meanwhile, the U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell (http://www.marketwatch.com/story/eia-reports-a-fall-in-us-crude-supply-but-gasoline-stocks-rise-more-than-expected-2017-11-29) by 3.4 million barrels for the week ended November 24.

Iranian Teen Sahar Tabar Underwent 50 Surgeries to Look Like Angelina Jolie
It reported that she has lost 40kg and "undergone dozens of procedures" in the space of just a few months to look like Angelina. Sahar Tabar claims to be one of the " Tomb Raider " actress' biggest fans and has said she "would do anything" to emulate her.

Gasoline stocks rose 3.6 million barrels, compared with forecasts for a 1.2 million-barrel gain.

Last week the API had reported a more than 6-million-barrel draw. Visit MarketWatch.com for more information on this news.

The net long position held by hedge funds and other money managers in the five main petroleum futures and options contracts covering crude and fuels were cut to 1,092 million barrels from a record 1,120 million on November 14.

Total domestic crude production, however, climbed by 24,000 barrels to 9.68 million barrels a day last week. Refinery utilization rates rose by 1.3 percentage points.

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