Oil Falls to Eight-Week Low as OPEC Output Gain Threatens Accord
- Iran tells OPEC it pumped most oil since end of sanctions
- OPEC meets in Vienna at end of month to finalize output deal
Energy Market Assesses Trump Win
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Oil dropped to the lowest in almost two months in New York on rising OPEC output after a volatile week driven by uncertainty about the group’s intentions and the surprise election of Donald Trump.
Futures fell 2.8 percent Friday. Iran and Iraq, which want exemptions from an Organization of Petroleum Exporting Countries accord to cut production, told the group they raised output last month, while Saudi Arabia pumped near record levels. Oil has dropped about 15 percent from its October high on growing doubts that OPEC will be able to finalize the Algiers accord at its Nov. 30 summit amid a refusal to cut output from almost a third of its members.