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Crude Oil Falls to 4-Year Low as OPEC Seen Resisting Cut

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West Texas Intermediate and Brent oil extended losses to the lowest in four years amid signs that OPEC remains unwilling to reduce output to ease a supply glut.

Speculation of a price war within OPEC “has no basis in reality,” Saudi Oil Minister Ali Al-Naimi said yesterday. Slumping oil prices reflect a growing consensus among traders and investors that OPEC will maintain output, Goldman Sachs Group Inc. said. Inventories at Cushing, Oklahoma, the delivery point for U.S. oil futures, rose to the highest since May.