Oil hovers near 7-year lows as OPEC keeps on pumping

Crude oil prices were battered in early Asia trade Friday after the Organization of the Petroleum Exporting Countries reported higher-than-expected monthly output, pushing prices to hover near seven-year lows.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF6, -0.38%  traded at $36.53 a barrel, down $0.23 in the Globex electronic session. January Brent crude LCOF6, -0.28%  on London’s ICE Futures exchange fell $0.28 to $39.45 a barrel. Both grades reached their lowest settlement value since Feb. 18, 2009.

According to OPEC’s monthly report released overnight, the cartel’s total production rose last month by 230,000 barrels a day from October, to 31.695 million barrels a day, driven mainly by record output from Iraq.

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