A backlog of oil wells that have been sitting idle could put renewed pressure on oil prices once the oil starts flowing. Oil prices dipped just below $50 per barrel this week on several pieces of bad news, including comments from Iraqi officials that cast doubt on the chances of an OPEC deal in November and the rising output from Nigeria. OPEC successfully sparked an oil price rally last month when it reached a tentative deal Algiers to cut output, but without a solid and meaningful deal in Vienna in November, the group could disappoint the markets. “OPEC appears to be approaching the limits of its ability to jawbone oil higher without something concrete to put on the table,” Jeffrey Halley, a senior market analyst at the brokerage firm OANDA, told Reuters in an interview. Without OPEC rumors to push up crude, oil traders will turn their […]