U.S. crude production is at the highest level since 1986 and is on target to exceed 9 million barrels per day. Average price for Brent crude oil is expected to be about $18 a barrel lower next year than previously forecast."
U.S. President Barack Obama announced what he called an historic climate change agreement with Chinese President Xi Jinping that would cut both countries' greenhouse gas emissions by close to a third during the next two decades.
Brent crude fell to the lowest in four years as forecasts for rising U.S. crude stockpiles bolstered speculation that global supply gains are outpacing demand. West Texas Intermediate was little changed in New York.