Brent Oil around $80 as Iran Seeks OPEC Output Cut

Brent crude traded near $80 a barrel amid signs that Iran will seek an output cut at OPEC’s meeting this week and after China unexpectedly reduced interest rates. West Texas Intermediate was steady in New York.

Futures were little changed in London after two days of gains. Iranian Oil Minister Bijan Namdar Zanganeh may propose that the Organization of Petroleum Exporting Countries trim supply by 1 million barrels a day when he meets with Saudi Arabia’s Ali Al-Naimi before the group gathers on Nov. 27, according to Iran’s state-run Mehr News. China cut borrowing costs for the first time since July 2012 as the world’s second-biggest oil consumer stepped up support for its economy.

Oil has slumped into a bear market as the U.S. pumps at the fastest rate in more than three decades amid signs of weakening demand. Leading OPEC producers are resisting calls to reduce supply while others such as Venezuela and Ecuador seek action to bolster prices ahead of discussions in Vienna.

Bloomberg

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