Oil Falls to Lowest in More Than Four Years as OPEC Holds
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Brent and West Texas Intermediate crudes fell to the lowest level in more than four years after OPEC failed to cut its output in response to a glut.
Both grades capped the biggest monthly drops since 2008. OPEC will maintain its collective output target at 30 million barrels a day, Saudi Arabia’s Oil Minister Ali Al-Naimi said after discussions in Vienna yesterday. The group’s policy will ensure a crash in the U.S. shale industry, predicted Leonid Fedun, the vice president of Russia’s OAO Lukoil.