West Texas Intermediate climbed to a two-week high and Brent gained after OPEC’s secretary general said the group may cut output targets next year. Abdalla El-Badri said today that the Organization of Petroleum Exporting Countries’ production quota could fall 500,000 barrels a day to 29.5 million barrels a day next year. El-Badri was speaking at OPEC’s secretariat in Vienna after talks with Russian Energy Minister Alexander Novak. WTI has tumbled 13 percent since touching $107.73 a barrel on June 20 as Asian and European economies have showed signs of slowing while crude output gained. “After the significant decline in prices, investors were looking for a reason to get into the market and El-Badri’s comments gave them that,” Michael Lynch , president of Strategic Energy & Economic Research in Winchester, Massachusetts , said by phone. “El-Badri said this was an outlook, not a decision, but the market is still taking […]