All the latest business and financial developments.Brent crude falls, as OPEC unlikely to cut output Coming up: General strike in Greece; German inflation and unemployment 8.13am GMT Singapore-based Daniel Ang of Phillip Capital agrees that the “consensus” reached by Saudi Arabia, Kuwait, Qatar and the United Arab Emirates means no output cuts today:He told Reuters:“Dreams of rising oil prices [have been] smashed with pre-OPEC meeting sentiments. Brace yourselves for lower oil prices.” 8.08am GMT Several other oil ministers have also indicated that OPEC will resist pressure to cut output at today’s meeting.UAE oil minister Suhail bin Mohammed al-Mazroui told the FT that the market will, eventually, fix the oversupply in the oil market.“I don’t think we should panic. There is nothing that should cause us to panic.” "We have to live either $80 or with $60," says Kuwait oil minister: Oil prices fall to 4-year lows as OPEC pro... http://t.co/xjxonNHx7c 8.02am GMT The oil price has hit a fresh four-year low this morning, as speculation grows that producers will not agree output cuts at their crucial meeting in Vienna today.Brent crude oil slipped by over $1 per barrel, or 1.5%, to $76.58, extending the sell-off that began five months ago and has shaken the commodities market.Crude oil is trading at another four-year low this morning, as confirmation is beginning to emerge from the OPEC meeting that there will be no output cuts announced later today. 7.55am GMT Welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.On the agenda today.... Members of the OPEC oil cartel are meeting in Vienna today; despite recent price falls, they are thought unlikely to cut production. More on that in a moment.German CPI, Draghi talking, holiday volumes and Opec could make European markets sporty todayThe Food Standards Agency will publish rates of contamination for each supermarket chain. The industry is bracing itself for the results to be significantly worse than those published by the FSA in August, which found six in 10 chickens were contaminated. Campylobacter rates tend to rise in the summer and averages similar to 75% found by the European Food Safety Authority in 2010 are expected. Continue reading...
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