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Stock Market Tips, Oil extends gains on robust OPEC compliance
US crude oil production in November surpassed 10 million barrels per day for the first time since 1970
US oil prices extended modest gains on Thursday as OPEC's strong compliance with a supply reduction pact offset news that US production topped 10 million barrels per day for the first time in nearly half a century. NYMEX crude for March delivery rose 8 cents, or 0.1 percent, to $64.81 a barrel by 0237 GMT, after ending the last session up 0.4 percent.
London Brent crude for April delivery was up 10 cents, or 0.1 percent, at $68.99, after settling up 3 cents in the previous session. US crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record, the Energy Information Administration said on Wednesday. “As oil prices rise, higher shale output is definitely on the market's mind,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.
Oil output by the Organization of the Petroleum Exporting Countries also rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey found.
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