Brent traded near its lowest closing price in four years as OPEC braced for a price war with U.S. shale producers after taking no action to relieve a glut. Crude in New York headed for the biggest weekly drop since 2011. Futures were little changed in London, having fallen 11 percent this week. OPEC will maintain its collective output target at 30 million barrels a day, Saudi Arabia ’s Oil Minister Ali Al-Naimi said after discussions in Vienna yesterday. The group’s policy will ensure a crash in the U.S. shale industry, predicted Leonid Fedun , the vice president of Russia ’s OAO Lukoil. Crude has collapsed into a bear market amid the fastest pace of U.S. production in three decades and signs of weakening global demand. OPEC wants a fair price and isn’t “sending any signals to anybody,” Secretary-General Abdalla El-Badri said. The 12-member group, which pumps 40 percent […]