Oil Trades Near 5-Year Low as Saudis Question Need to Cut Output
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Brent and West Texas Intermediate traded near the lowest price since July 2009 as Saudi Arabia questioned the need to cut output, bolstering speculation that OPEC’s biggest producer will defend market share.
Brent futures were little changed in London, paring an earlier advance of 1.4 percent. The market will correct itself, according to Saudi Arabian Oil Minister Ali Al-Naimi. Global demand for crude from the Organization of Petroleum Exporting Countries will drop next year by about 300,000 barrels a day to 28.9 million, the least since 2003, the group predicted yesterday.