West Texas Intermediate headed for the biggest weekly decline in three years after OPEC took no action to ease a global supply glut and stem a slide in prices that has driven oil into a bear market.

Futures dropped as much as 8.1 percent in New York. The Organization of Petroleum Exporting Countries maintained its collective target of 30 million barrels a day, Ali Al-Naimi, Saudi Arabias oil minister, said yesterday after the 12-member group met in Vienna. WTI may fall as low as $60 a barrel during the next month, according to Energy Analytics Group.

Crude has collapsed about 36 percent since its June peak as the U.S. pumped at the fastest rate in more than three decades amid signs of weakening demand. OPEC is not sending œany signals to anybody and just wants a fair price, Secretary-General Abdalla El-Badri said at a press conference. Brent in London slumped 6.7 percent to a four-year low yesterday.

WTI for January delivery lost as much as $5.94 to $67.75 in electronic trading on the New York Mercantile Exchange and was at $68.76 at 10:13 a.m. Sydney time. Floor trading was closed yesterday because of the U.S. Thanksgiving holiday and transactions will be booked with todays for settlement purposes. Prices are down 10 percent this week, the most since May 2011.

Source : Bloomberg