Brent crude fell for a second day as OPEC considered exempting three members from potential production cuts when it meets this week. West Texas Intermediate was steady in New York.
Futures dropped as much as 0.4 percent in London. Iraq, Iran and Libya won’t have to trim supplies should the Organization of Petroleum Exporting Countries agrees to reduce output, according to two people with knowledge of the proposal. If the market is oversupplied, it isn’t the first time, Saudi Arabia’s Oil Minister Ali Al-Naimi said in Vienna yesterday as the 12-nation group prepared for discussions on Nov. 27.
Oil has collapsed into a bear market amid the fastest rate of U.S. production in more than three decades, even as slowing global economic growth signaled weaker demand. OPEC, which pumps about 40 percent of the world’s crude, has maintained its official quota at 30 million barrels a day since January 2012.
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