Oil prices fell Thursday as market doubts for the efficacy of planned production cuts were renewed, in part on a report of OPEC infighting and on data showing the cartel was churning out plenty of crude even as the market readied for the pledged supply reductions beginning early next year.
Record pumping from Saudi Arabia lifted overall OPEC oil production in November, the International Energy Agency said Thursday.
Against this backdrop, West Texas Intermediate crude for January delivery slipped 16 cents, or 0.3%, to $50.99 a barrel on the New York Mercantile Exchange.
Global benchmark February Brent crude shed 13 cents, or about 0.2%, to $60.02 a barrel on ICE Futures Europe.
On Nymex, January gasoline rose 0.5% to $1.4272 a gallon and January heating oil fell 0.3% to $1.8454 a gallon. January natural gas fell again after it dropped 6.2% to settle at $4.136 per million British thermal units a day earlier—the lowest since Nov. 15, according to FactSet data.