Crude Oil Pushing higher

WTI Nymex crude oil is trading above $59.00 on reports that loadings at Valdez, Alaska, were interrupted on Monday due to bad weather.

The Trans Alaska Pipeline is now reportedly operating at only 25% capacity.

Also underpinning prices is recent talk from OPEC that it will further cut output when it meets again on Dec 14 in Abuja, Nigeria.

However, the validity of the past 1.2mln bpd output cut has been bought into question, with some reports that OPEC shipments have actually increased by 210 mn bpd in the month ending Nov 4.

WTI Nymex crude oil is currently at $59.40, up 60 cents.

The Rally Supports Precious Metals - Gold trading 626 levels, Silver 12.9+