WTI Heads for Longest Weekly Drop Since 1986

WTI headed for the longest run of weekly declines in almost three decades and Brent was set for a record losing streak amid speculation that OPEC will refrain from cutting production to ease concern of a supply glut.

Oil has collapsed into a bear market as leading OPEC members resisted calls to cut production and instead reduced export prices to the U.S., where output has climbed to the highest level in 31 years amid a shale boom. Venezuela, Libya and Ecuador have asked for action to support crude as the 12-member group prepares to meet Nov. 27 in Vienna.