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Oil Drops to One-Month Low as OPEC Keeps Output Target

West Texas Intermediate crude fell to a one-month low as OPEC kept its output target unchanged for a third consecutive time and U.S. inventories climbed to the highest level in 82 years.

Futures dropped 1.8 percent after the Organization of Petroleum Exporting Countries maintained its objective of 30 million barrels a day at a meeting in today in Vienna. Ministers from the 12-member group will next gather on Dec. 4. U.S. crude supplies increased 3 million barrels to 397.6 million last week, the most since 1931, a government report showed yesterday. The decline in prices accelerated in the last hour of floor trading as equities moved lower.