Brent Trades Near $80 as Iran Seeks OPEC Output Cut; WTI Steady
traded near $80 a barrel amid signs that Iran will seek an output cut at OPEC’s meeting this week and after China unexpectedly reduced after two days of gains. Iranian Oil Minister Bijan Namdar Zanganeh may propose that the Organization of Petroleum Exporting Countries trim supply by 1 million barrels a day when he meets with Saudi Arabia’s before the group gathers on Nov. 27, according to Iran’s state-run Mehr News. China cut borrowing costs for the first time since July 2012 as the world’s second-biggest oil consumer stepped up support ...
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