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Brent Oil Extends Drop to 4-Year Low

OPEC members seen unlikely to cut output.

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Brent crude extended losses below $80 a barrel, dropping to a four-year low amid signs that OPEC remains unwilling to reduce output to ease a supply glut. West Texas Intermediate fell in New York.

Futures slid as much as 1.3 percent in London to the lowest since September 2010. Saudi Arabia is committed to a stable market and speculation of a price war within the Organization of Petroleum Exporting Countries “has no basis in reality,” Oil Minister Ali Al-Naimi said Wednesday in Acapulco, Mexico. Crude stockpiles in the U.S., the world’s biggest oil consumer, probably rose for a sixth week, a Bloomberg News survey shows before government data Thursday.

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