Crude oil prices inched higher Thursday amid signs of discord between OPEC member nations.
Iraq and Kuwait are undercutting Saudi Arabian to attract buyers in Asia, reports Oil & Gas 360 based on data compiled by Bloomberg News.
The Saudis may increase output to make up the difference in prices, exacerbating the global supply glut already in effect
Dec. oil settled at $45.38/bbl on Nymex, up 18 cents, or 0.4%. Prices have slipped into the $45 range over the past week amid concerns about global demand.
There was little reaction today when European Central Bank president Mario Draghi strongly hinted that additional stimulus will be offered in December unless the euro zone economy picks up.
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