OPEC and its allies have agreed to keep oil production unchanged in December as tensions in the Middle East continue to disrupt global supplies. The decision comes with crude oil prices above $100 per barrel. Brent crude ended last week above $113, while U.S. crude was near $104. Shipping disruptions in the Persian Gulf have pushed transportation and insurance costs higher, with traffic through the Strait of Hormuz running at about half its prewar level.OPEC producers will meet again on November 29.
