Crude Oil Update

WTI Nymex crude oil is trading lower, amid speculation that rise in crude supplies will outweigh effect of any potential OPEC cut this week when cartel meets on December 14, in Nigeria.

Also weighing on crude prices is fall in natural gas, following recent forecasts of warmer than usual temperatures in the US Northeast, over the next six to 10 days.

In additon, reports over the weekend that the U.S. Senate has approved oil and gas exploration in the eastern Gulf of Mexico.

This now opens access to an 8 million acre section of the Gulf that could potentially yield 1,300 MMbbls of oil and 6 Tcf of gas, according to The Schork Report.

WTI Nymex crude oil is at $61.50, down 53 cents.