Crude oil prices are drifting lower on Thursday, after a report from the International Energy Agency said crude output by OPEC members rose in November on the back of record pumping from Saudi Arabia.
The report said OPEC output increased by 100,000 barrels a day on month to 33.03 million barrels a day in November. Saudi Arabia produced an additional 410,000 barrels a day in the month, taking the kingdom's total production in the month to a historic high of 11.06 million barrels a day.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.