Brent Falls to Six-Year Low as OPEC Seen Lifting Lid on Supply
- OPEC seen keeping output elevated after discarding target
- U.S. crude inventories likely rose for 11th week, survey shows
Any Signs Yet That Oil Prices Have Bottomed Out?
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Oil fell to a six-year low in London on speculation that OPEC, which effectively dropped formal output targets last week, will pump more crude into an oversupplied market.
Brent futures fell 1.4 percent in London after retreating 5.3 percent on Monday. The Organization of Petroleum Exporting Countries failed to agree to production curbs at a Dec. 4 meeting, instead setting aside its quota of 30 million barrels a day until members gather again in June. U.S. crude stockpiles probably expanded for an 11th week, a Bloomberg survey showed before Energy Information Administration data Wednesday.