Brent crude declined to its lowest in four years amid speculation OPEC will refrain from paring a global surplus. West Texas Intermediate was little changed near a three-year low, SIA reports quoting the Bloomberg.
Brent slumped as much as 1.4 percent in London. Crude inventories in the world’s biggest oil consumer probably expanded by 2.35 million barrels, a fifth weekly increase, a Bloomberg News survey shows before an Energy Information Administration report today. Saudi Arabia’s Oil Minister Ali Al-Naimi is scheduled to attend a climate event in Venezuela starting on Nov. 6, according to embassy officials in Caracas.
Oil has slumped into a bear market as the largest producers in the Organization of Petroleum Exporting Countries resisted calls to cut output. Global supplies are climbing, with the U.S. pumping at the fastest pace in more than 30 years.