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1st LD Writethru: Oil prices fall as OPEC production rises to three-year high in November

Xinhua, December 11, 2015 Adjust font size:

Oil prices tumbled Thursday as the Organization of the Petroleum Exporting Countries (OPEC) increased crude production to the highest in more than three years in November.

In November, OPEC pumped 31.70 million barrels per day (mb/d), up 230,000 barrels from the previous month, according to OPEC monthly oil market report released Thursday.

The cartel's output accounts for around 40 percent of the global crude output. Last Friday, OPEC decided to keep crude production pumping at current level in the already oversupplied market.

The report estimated that non-OPEC oil supply will grow by 1.00 mb/d in 2015 to average 57.51 mb/d. This represents an upward revision of 0.28 mb/d from the previous report, driven mainly by actual production data from the United States, UK, Brazil, Russia and China.

The West Texas Intermediate for January delivery moved down 40 cents to settle at 36.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 38 cents to close at 39.73 dollars a barrel on the London ICE Futures Exchange. Endit