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Crude oil hovers above $92 a barrel

Sat., Nov. 30, 2013

The price of oil was little changed above $92 a barrel Friday as holidays in the U.S. thinned trading and plentiful crude stocks showed the market was well-supplied.

Benchmark U.S. crude for January delivery was up 27 cents at $92.57 a barrel Friday in electronic trading on the New York Mercantile. Floor trading on the Nymex was closed Thursday and Friday for Thanksgiving.

Oil has declined from about $110 in September due to reduced tensions in the oil-rich Middle East, along with muted demand and high supplies.

U.S. crude production is at its highest level in almost 25 years and crude stockpiles have risen for 10 weeks.

Next week, the market will be awaiting news from the latest meeting in Vienna of the Organization of Petroleum Exporting Countries. OPEC is expected to keep its output quota of 30 million barrels a day unchanged.

Associated Press

Editor’s note: USDA wheat prices are unavailable due to the Thanksgiving holiday.


 

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