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.

Air France-KLM seals 'enhanced' deal with Jet Airways
The agreement, reportedly a first in Indian aviation, strengthens the partnership built between the three airlines since 2014. The combine expects 40 per cent increase in passenger traffic to 1.7 million between India-France-Netherlands in 2018.

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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