U.S. crude-oil production rose 7% in October, from a year earlier, to average 9.4 million barrels a day, according to a monthly report Friday from the American Petroleum Institute, a trade group. That was the highest October output since 1972. Production has now held above 9 million barrels for nine months in a row, the report said. Meanwhile, total petroleum deliveries, an implied demand indicator, climbed by 1.1% in October from a year earlier to average 19.9 million barrels a day–the highest October deliveries in 10 years. Ahead of the news, December West Texas Intermediate crude rose $1.41, or 2.6%, to settle at $56.55 a barrel on the New York Mercantile Exchange, with prices buoyed by expectations that the Organization of the Petroleum Exporting Countries will extend their output-cut agreement when members meet on Nov. 30 in Vienna.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News