Crude Oil

Dec WTI crude oil prices this morning are down -2 cents (-0.03%) and Dec gasoline is +0.90 (+0.52%). Thursday's closes: Dec crude oil -1.62 (-2.48%), Dec gasoline -2.49 (-1.99%). Dec crude oil and gasoline on Thursday closed lower with Dec crude at a 6-1/2 month low and Dec gasoline at a 7-1/2 month low. Crude oil prices were undercut by the rise in OPEC Oct crude production by +430,000 bpd to a 2-year high of 33.33 million bpd and by the rise in Russian oil production from Oct 1 through Oct 30 to a record 11.41 million bpd. Crude oil prices were also undercut by negative carry-over from Wednesday's EIA data showing that U.S. crude production the week ended Oct 26 rose to a record 11.2 million bpd.