Brent crude extended losses below $80 a barrel, dropping to afour-year low amid signs that OPEC remains unwilling to reduceoutput to ease a supply glut. West Texas Intermediate fell in NewYork.

Futures slid as much as 1.3 percent in London to the lowestsince September 2010. Saudi Arabia is committed to a stable marketand speculation of a price war within the Organization of PetroleumExporting Countries “has no basis in reality,” Oil Minister AliAl-Naimi said Wednesday in Acapulco, Mexico. Crude stockpiles inthe U.S., the world's biggest oil consumer, probably rose for asixth week, a Bloomberg News survey shows before government dataThursday.

Oil has collapsed into a bear market as leading OPEC membersresisted calls to cut production and instead reduced export pricesto the U.S., where output has climbed to the highest level in morethan three decades. Venezuela, Libya and Ecuador have asked foraction to prevent crude from falling further. The group isscheduled to meet this month in Vienna.