Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, as U.S. President Donald Trump piled pressure on the kingdom to refrain from production cuts at an OPEC meeting next week. Saudi Arabia agreed to raise supply steeply in June, in response to calls from consumers, including the United States and India, to help cool oil prices and address a supply shortage after Washington imposed sanctions on Iran. But the move backfired on Riyadh after Washington imposed softer than expected sanctions on Tehran. That triggered worries of a supply glut and prices collapsed to below $60 per barrel on Friday from as high as $85 per barrel in October. Click read more below for additional detail.
National Average Price for Regular Unleaded Current: $3.039; Month Ago: $2.862; Year Ago: $1.866. National Average Price for Diesel Current: $3.160; Month Ago: $3.078; Year Ago: $2.417.
West Texas Intermediate for December delivery was at $50.65 a barrel on the New York Mercantile Exchange, up 2 cents, at 9:43 a.m. in London. The contract fell $1.19 to $50.63 on Thursday. Total volume traded was about 27 percent below the 100-day average. The November future expired Thursday down 2.3 percent at $50.43 a barrel. Brent for December settlement rose 10 cents to $51.48 a barrel on the London-based ICE Futures Europe exchange. The contract on Thursday declined $1.29 to $51.38. Prices are down 0.9 percent this week. The global benchmark traded at a premium of 83 cents to WTI for December.
In this new campaign out of Camp & King, the classic "Mr. Plow" episode of "The Simpsons" gets an updated twist. In the original "Mr. Plow," which first aired on Nov. 19, 1992, Homer buys a snow plow; Lisa suggests he buy time on local TV and the business takes off. This time around, Lisa helps her dad promote Mr. Plow on YouTube -- and thanks to a mix of old and new animation, we see just how easy it is for a budding entrepreneur like Homer to channel the power of video advertising.