Oil fell after its biggest monthly decline since July as OPEC ministers arrive in Vienna ahead of this week’s policy meeting.
West Texas Intermediate futures declined after rising as much as 1.3 percent. Saudi Arabia will discuss all issues and listen to concerns of other members at the Friday gathering, said the nation’s Oil Minister Ali al-Naimi. The Organization of Petroleum Exporting Countries pumped more than its quota in November, exceeding it for an 18th month, a Bloomberg survey showed. Gasoline advanced after the U.S. changed blending requirements for the fuel.
Oil prices have fallen almost 40 percent the past year as a record surplus persisted amid global producers’ fight for market share. OPEC is meeting a year after Saudi Arabia led an agreement to keep production high and drive out higher-cost shale rivals in the U.S. Speculator short positions in WTI, bets that prices will drop, rose to the highest level since March, the U.S. Commodity Futures Trading Commission said Monday. Read more