Brent Oil Tumbles Below $80 for First Time in Four Years on Glut
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Brent crude fell below $80 a barrel for the first time in four years on speculation OPEC won’t eliminate a global supply glut.
Brent, used to price more than half the world’s oil, last traded below $80 on Sept. 29, 2010. The Organization of Petroleum Exporting Countries won’t cut its collective output when it meets in Vienna on Nov. 27, according to Kuwaiti Oil Minister Ali Al-Omair.