Oil prices climb as Saudi Arabia hints at OPEC cut in output

Awwwwww shucks the elections are all over, Georgie lost the House and Senate majority, so now we all pay.

London, Nov 28: World crude prices rose after oil kingpin Saudi Arabia suggested that OPEC might need to cut output further at its next meeting in December, analysts said.

Traders also reacted to news yesterday that Iraq's main northern oil distribution centre was in flames after being struck by two mortar shells.

New York's main contract, light sweet crude for delivery in January, won 62 cents to USD 59.86 per barrel in pit trading. In London, Brent North Sea crude for January delivery gained eight cents to USD 60.11 per barrel in electronic trading.

"Prices have continued to move up... Finding support in comments by the Saudi Oil Minister over the weekend, warning that OPEC would cut production again at its December meeting, should the recent production cuts fail to balance the market," Barclays capital analyst Kevin Norrish said.

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