Oil Near 4-Year Low as OPEC Seen Resisting Cutting Output

Today on Bloomberg…

West Texas Intermediate crude dropped for a third day as U.S. oil inventories gained unexpectedly. Brent rose in London.

Futures fell as much as 1 percent in New York. Ecuador and Venezuela will ask members of the Organization of Petroleum Exporting Countries to reduce excess output, an Ecuador official said. A car with explosives blew up in Erbil in Iraq’s Kurdish region, the local Rudaw news agency reported, with Al Jazeera television reporting six people killed. U.S. crude inventories expanded by 3.7 million barrels last week, countering forecasts expecting a drop, the American Petroleum Institute said yesterday. The Department of Energy’s stockpile figures will be published later today.

Oil has collapsed into a bear market as the U.S. pumps at the fastest pace in more than three decades amid signs of slowing demand. Leading OPEC producers including Saudi Arabia andKuwait are resisting calls to cut output ahead of a Nov. 27 meeting in Vienna. The 12-member group supplies about 40 percent of the world’s oil.


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Dollar dips and oil’s drop hits NOK and CAD


(Reuters) – The dollar slipped against the yen and the euro on Tuesday after a week of gains drove the U.S. currency to its highest since 2010, while Norway’s crown and Canada’s dollar sank as world oil prices fell.

The Australian and New Zealand dollars AUD=D4 were the biggest movers, bolstered by a steady message on policy from Australia’s central bank and expectations of a strong milk auction later in the London session.

But much of the attention in the European session was focussed on the currencies most exposed to oil prices, which fell to their lowest since 2010, after a cut in Saudi prices for the United States.

The U.S. dollar rose to its strongest in more than five years against its Canadian counterpart, C$1.1390, a third of a percent higher on the day. Against the euro, the Norwegian crown fell more than 1 percent to 8.5893 per euro EURNOK=D4, its weakest since late 2009.

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