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Oil Higher as OPEC Output Falls, Global Supply Risks Rise

Hoosier Ag Today by: Gary Truitt

Oil futures finished higher Monday buoyed by news that output from the Organization of the Petroleum Exporting Countries saw third consecutive monthly decline, as France’s airstrikes in Syria raised concerns over potential supply disruptions in the Middle East. West Texas Intermediate crude for December delivery added $1, or 2.5%, to settle at $41.74 a barrel on the New York Mercantile Exchange. January Brent crude on London’s ICE Futures exchange tacked on 9 cents, or 0.2%, to $44.56 a barrel.

OPEC oil production in October fell by 120,000 barrels a day from a month earlier, to its lowest level since May—marking a third straight monthly decline, according to a Platts survey of OPEC and oil industrial officials and analysts released Monday

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