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Crude Oil Mixed at Start of Tuesday’s Trading, Natural Gas Resumes Decline

November 15, 2016 at 0:35 by Vladimir Vyun

Crude oil halted its decline on Monday as optimism resurfaced for the upcoming OPEC meeting on November 30, where oil producers will discuss output cuts. During early trading hours of Tuesday, West Texas Intermediate crude traded above the opening level while prices the Brent grade retreated. Now, traders wait for US supply reports from the American Petroleum Institute (released on Tuesday) and the Energy Information Administration (released on Wednesday). Futures for delivery of WTI crude oil in December climbed 0.88% to $43.70 per barrel as of 00:15 GMT on NYMEX today. At the same time, January contract for Brent oil declined 0.72% to $44.43 per barrel on ICE.

Natural gas also paused its fall on Monday, only to resume it on Tuesday. Forecasts promise colder weather in gas-consuming regions of the United States, and that should demand for the commodity. Yet apparently, it was not enough to buoy prices as gas is trading below the opening level as of now, though losses are limited. Futures for the commodity were down 5% last week and nearly 10% so far this month. December contract for delivery of natural gas slipped 0.11% to $2.75 per million British thermal units on NYMEX today.

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