Oil prices rose as Opec inched towards an agreement to cut production when it meets in Vienna on 30 November. Atlantic basin benchmark North Sea Dated rose by $2.89/bl to $47.57/bl in the week to 24 November, while US marker WTI climbed by 80￠/bl to $46.22/bl in the six days to 23 November. The Thanksgiving holiday meant that the latter grade missed a day of potential gains. An unexpected 1.3mn bl fall in US crude stocks buoyed prices, with the west coast accounting for the bulk of the decline. Inventories at WTI's pricing point of Cushing, Oklahoma, slipped by 87,000 bl. US crude exports hovered around 400,000-500,000 b/d, some way below August's 700,000 b/d high. But the shipment of almost 70,000 b/d of WTI to China should bolster November data.
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