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Oil Posts Worst Decline in 2 1/2 Months on Bearish OPEC Signals

  • Saudi Arabia growing intolerant of cheating by cartel partners
  • U.S. becomes net petroleum exporter for first time in 70 years
Operations at the Vadinar Refinery Operated By Nayara Energy, Formerly Essar Oil
Photographer: Dhiraj Singh/Bloomberg
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Oil fell the most in more than two months amid signals that OPEC and allied crude producers are averse to deepening output cuts when they convene next week.

Futures dropped 5.1% in New York on Friday, closing the U.S. benchmark’s poorest weekly performance since early October. Saudi Arabia probably will indicate to the cartel next week that it’s no longer willing to compensate for excessive production by others, according to people familiar with the kingdom’s thinking.