Oil Set for Biggest Monthly Drop Since 2012 on Global Oversupply 

West Texas Intermediate headed for the biggest monthly decline in more than two years amid signs that OPEC boosted output to a 14-month high even as crude slumped into a bear market.
Brent was steady in London. Futures were little changed in New York, bringing October’s drop to about 11 percent. Production from the 12-member Organization of Petroleum Exporting Countries increased by 53,000 barrels a day to 30.974 million, a third monthly gain, a Bloomberg survey shows. Traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. WTI and Brent have fallen more than 20 percent from their June peaks, meeting a common definition of a bear market, as leading OPEC members resisted calls to cut output. Global supplies are rising, with the U.S. pumping at the fastest pace in more than three decades while Russia’s production climbed to near a post-Soviet record.

Leave a Reply

Your email address will not be published. Required fields are marked *