Oil decreased for the third time in four days as ministers from the Organization of Petroleum Exporting Countries arrive in Vienna to discuss production policy.

Crude fell as much as 4.2 percent in New York amid a broad commodity slump. Prices briefly rose after the Iranian Oil Ministry’s Shana news agency said a majority of OPEC members agree on an output cut, with the exception of Saudi Arabia and Gulf Arab countries. U.S. crude supplies increased to 489.4 million barrels last week, the most for this time of year since 1930, government data show.

West Texas Intermediate crude for January delivery dropped $1.43, or 3.4 percent, to $40.42 a barrel at 12:46 p.m. on the New York Mercantile Exchange. Total volume was 22 percent above the 100-day average.

Brent for January settlement slipped $1.43, or 3.2 percent, to $43.01 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a $2.59 premium to WTI.

Source: Bloomberg