Skip to content
Subscriber Only

Oil Tumbles to 5 1/2-Year Low as OPEC Reaffirms Stance

Updated on

Oil dropped to the lowest level in more than five years on growing evidence that OPEC won’t pare output to reduce a global supply surplus.

Brent and West Texas Intermediate futures capped their seventh straight weekly decrease. The United Arab Emirates has no plans to reduce output no matter how low prices drop, according to Yousef Al Otaiba, the nation’s ambassador to the U.S. Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the rout. WTI’s discount to Brent shrank to its narrowest since October.