Oil Ends Week, Starts December Above $100
NYMEX Oil, Oct. 2010 to Oct. 2011 - Source of data eia.doe.gov
The price action followed a run-up from the $85 per barrel level earlier in the fall, but also after news emerged from Iran about advances in nuclear weapon technology.
Helping to firm the week's oil price was a decision by large central banks to lower their lending rates to each other and a drop in the US unemployment rate to 8.6%. However, underlying the employment figures were signs of continued weakness: participation levels fell in November (which meant the rate was calculated from a lower base) and avererage income was down.
Furhter, OPEC is expected to cut production quotas when it meets this month.
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