Oil Action: NYMEX crude
Oil Action: NYMEX crude has pulled back from overnight highs of $49.77, trading to $49.05 lows in early N.Y. dealings. The contract rose on news than Saudi Arabia would cut exports to Asia beginning in September, though as has been the case of late, sellers have emerged ahead of the key $50 mark. OPEC/NOPEC members are meeting today in Abu Dhabi, where the agenda is reportedly focused on compliance with agreed to production cuts, implemented at the start of the year. Production increases from Libya and Nigeria, who are not bound by the output agreement, and Iraq, which aims to increase its pumping to 5.0 M bpd by the end of the year from 4.6 M currently, saw OPEC production rise to the highest of the year in July.