NY Harbor ULSD    $2.4693 DN $0.0302

NYMEX Gasoline    $2.1011 DN $0.0341

An earlier rally for oil futures fizzled Monday as OPEC, signaled, yet again, that it would not cut production to boost prices. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December fell 96 cents, or 1.2%, to trade at $77.71 a barrel. Prices had traded as high as $79.85 a barrel earlier. December Brent crude on London’s ICE Futures exchange declined 59 cents, or 0.7%, to $82.79 a barrel. Brent had traded as high as $84.97 a barrel. Gains were short-lived, however, following news OPEC Secretary General Abdullah al-Badri told markets not to “panic” over low oil prices at an industry conference in Abu Dhabi, according to reports. The “situation would resolve itself,” al-Badri was also quoted as saying. Al-Badri’s comments were likely enough to tip crude futures lower since their rally “was built on flimsy legs” amid ongoing concerns about oversupply and lack of demand, said Darin Newsom, a senior commodities analyst with DTN.

OPEC was signaling, yet again, that it would keep its output unchanged rather than cutting production to put a floor on prices, and it was relatively easy for oil futures to revert to their prevalent downtrend, Newsom added. Oil had gotten a boost earlier in the session from news of renewed fighting in the Ukraine-Russia conflict and positive Chinese economic data. Some of the heaviest fighting in months erupted early Sunday in and around the rebel stronghold of Donetsk in eastern Ukraine. China’s export growth in October was higher than analysts expected.