The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Oil rose from its lowest settlement in more than a year in New York.
Futures added 1.7 percent, after slumping 7.7 percent. Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter.
Theb West Texas Intermediate for January rose 84 cents to $51.26 a barrel on the New York Mercantile Exchange at 8:53 am local time. The contract plummeted 10.7 percent last week. There was no settlement on Thursday due to the US Thanksgiving holiday. Total volume traded on Monday was about 29 percent above the 100-day average.