Brent crude falls below $80 for first time in 4 years
Brent crude fell below $80 a barrel for the first time in four years on speculation OPEC won’t eliminate a global supply glut.
Brent, used to price more than half the world’s oil, last traded below $80 on Sept. 29, 2010. The Organization of Petroleum Exporting Countries won’t cut its collective output when it meets in Vienna on Nov. 27, according to Kuwaiti Oil Minister Ali Al-Omair.
Oil plunged into a bear market last month, the result of a surge in shale drilling that has lifted U.S. production to a three-decade high as well as slowing growth in global demand. OPEC members Saudi Arabia and Kuwait have resisted calls to cut output while Libya, Venezuela and Ecuador have asked for action to prevent even lower prices.
“The evidence is abundant that OPEC needs to take oil off the market to support prices but there’s no evidence that they are going to take the action needed to accomplish that task,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “The oil market needs to be rebalanced. That’s what the drop in prices over the last four months shows in economic terms.”
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