By Ben Sharples and Alexander Kwiatkowski - Nov 21, 2011 7:41 AM GMT+0700
Crude traded near the lowest close in seven days in New York after Saudi Arabian Oil Minister Ali Al-Naimi said markets are balanced and there is no oversupply.
Futures for January delivery were little changed after dropping 1.3 percent on Nov. 18. Saudi Arabia, the world’s biggest oil exporter, pumped 9.4 million barrels a day in October, similar to in September, Al-Naimi said in Riyadh yesterday. OPEC’s December meeting may lack the discord of its last gathering, according to its secretary general, as the 12- nation group weighs signs of declining growth in demand for oil.
Futures for January delivery traded at $97.56 a barrel, down 11 cents, at 8:23 a.m. in Singapore in electronic trading on the New York Mercantile Exchange. They dropped Nov. 18 to $97.67, the lowest close in a week.
Brent oil for January settlement slid 0.6 percent to $107.56 a barrel on the ICE Futures Europe exchange Nov. 18.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net
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