Oil
headed for its largest monthly drop since July as Iran signaled the
Organization of Petroleum Exporting Countries won’t reduce its
production target at a meeting this week.
Futures
were little changed in New York and down 10 percent in November. Iran
expects no major decisions that would change OPEC’s output target when
the group gathers Dec. 4 in Vienna, Oil Minister Bijan Namdar Zanganeh
said at a conference in Tehran. Prices retreated at the end of last week
as Libya sought to boost supply and Russia ruled out military
retaliation against Turkey for downing its jet near the Syrian border.
Oil
is set to average below $50 for a fourth month, the longest stretch
since the global financial crisis, as a record supply glut showed no
signs of ending amid a producers’ fight for market share. Iran has said
it will announce plans during the Vienna meeting to expand output, a
year after Saudi Arabia led an OPEC decision to keep pumping and drive
out higher-cost shale rivals.
West
Texas Intermediate for January delivery was at $41.88 a barrel on the
New York Mercantile Exchange, up 17 cents, at 11 a.m. Seoul time. The
contract ended Friday down $1.33, or 3.1 percent, at $41.71. The volume
of all futures traded was about 33 percent below the 100-day average.
Brent
for January settlement was 5 cents lower at $44.81 a barrel on the
London-based ICE Futures Europe exchange. Prices have slid almost 10
percent this month. The European benchmark crude was at a premium of
$2.93 to WTI.
Source: Bloomberg
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