Crude weakened on Monday, with U.S. oil closing at its lowest in nearly 2 years, as Kuwait said OPEC is unlikely to cut output to support prices and Saudi Arabia privately told oil markets that it is ready to accept oil prices perhaps down to $80 a barrel.
U.S. front-month November crude futures shed 8 cents to settle at $85.74, paring earlier steep losses but closing at its weakest since December 2012. Brent crude oil declined by more than 1 percent to under $89.
Kuwait's oil minister Ali al-Omair was quoted as saying by state news agency KUNA on Sunday that OPEC is unlikely to cut oil production in an effort to prop up prices because such a move would not necessarily be effective. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on Nov. 27 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.