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Brent Oil Near 4-Year Low as Glut Seen Untouched by OPEC

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Brent crude traded near its lowest close in four years amid speculation that a fall in OPEC output last month won’t eliminate a supply glut. West Texas Intermediate dropped in New York.

Futures slid as much as 1 percent in London. The Organization of Petroleum Exporting Countries’ production dropped by 226,400 barrels a day last month to 30.253 million, the largest decrease since March, led by a drop in output from Saudi Arabia, the group said in its monthly report. Test production started at Libya’s largest oil field after halting last week, according to the National Oil Corp.