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Market Close: Nov 24 Down

Fueling Strategy: Please fill as needed tonight – Be Safe Today!
NYMEX Crude         $  75.78 DN $.7300
NY Harbor ULSD     $2.3955 DN $.0090
NYMEX Gasoline     $2.0334 DN $.0231
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS

Oil futures drifted lower Monday after the deadline for talks over Iran’s nuclear programs was extended and investors debated whether the Organization of the Petroleum Exporting Countries will move to alleviate a global supply glut by cutting production.

Light, sweet crude for January delivery fell 73 cents, or 1%, to settle at $75.78 a barrel on the New York Mercantile Exchange. That put a stop to a two-session winning streak. ICE January Brent futures slipped 68 cents, or 0.9%, to end at $79.68 a barrel, also after two sessions of gains.

Talks between Iran and six major powers about curbing Tehran’s nuclear program will be extended to June 30, according to a report from The Wall Street Journal on Monday, citing U.K. Foreign Secretary William Hague. Failure to extend the talks would have heightened worries about instability in the region, potentially triggering a spike higher in oil futures, said Naeem Aslam, analyst at Ava Trade, in emailed comments. ”However, because these talks have been delayed so we are seeing only a minor reaction to this outcome,” he said. A deal would lift sanctions on Iran’s oil exports, potentially adding to the global supply of oil.

Meanwhile, OPEC ministers are scheduled to meet Thursday in Vienna. “The rise of the U.S. oil producer has made life very difficult for the old cartel and it is clear that there is no consensus on what to do,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “Saudi Arabia seems focused on the long game as it tries to outlast the shale oil production threat from the U.S. The Saudis are ready for a showdown the question is if anyone else is?”

Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.