Oil falls to 8-week low as Opec output gain threatens accord

New York

OIL dropped to the lowest in almost two months in New York on rising Organization of the Petroleum Exporting Countries (Opec) output after a volatile week driven by uncertainty about the group's intentions and the surprise election of Donald Trump as the next American president.

Futures fell 2.8 per cent on Friday. Iran and Iraq, which want exemptions from an Opec accord to cut production, told the group they raised output last month, while Saudi Arabia pumped near-record levels. Oil has dropped about 15 per cent from its October high on growing doubts that Opec will be able to finalise the Algiers accord at its Nov 30 summit amid a refusal to cut output from almost a third of its members.