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
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.