Brent Oil Near $77 after Report says OPEC Won’t Cut Production

U.S. oil prices settled lower on Wednesday after Saudi Arabia’s oil minister said he expects OPEC members to reach a unified decision later this week, but he would not disclose details on the decision, according to Dow Jones reported.

A Gulf OPEC delegate told Reuters the GCC had reached a consensus not to cut oil output. Three OPEC delegates separately told Reuters they believed OPEC was unlikely to cut output when the 12-member organisation meets on Thursday.

WTI crude ended the session 40 cents lower at $73.69 a barrel, not far from its session low $73.30.  Benchmark Brent futures were last down by about 50 cents at $78 a barrel, having hit a low of $77.30 in the session.

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