Brent crude headed for a sixth weekly loss, the longest decline since 2002, as OPEC boosted production to a 14-month high amid a global surplus. West Texas Intermediate was on track for its biggest monthly decline in more than two years.
Futures fell as much as 1.9 percent in London, bringing October’s drop to about 11 percent. Both Brent and WTI are headed for their biggest monthly declines since 2012. Output from the 12-member Organization of Petroleum Exporting Countries increased by 53,000 barrels a day to 30.974 million, a third monthly gain, a Bloomberg survey showed. Traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month.
via Bloomberg
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