Oil headed for a seventh weekly decline in New York and London amid speculation that OPEC won’t pare output to reduce a global surplus. West Texas Intermediate was little changed in New York after erasing a gain of 1.7 percent. The United Arab Emirates has no plans to reduce output no matter how low prices drop, according to Yousef Al Otaiba , the nation’s ambassador to the U.S. Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the biggest drop in crude since 2008. WTI’s discount to Brent shrank to its narrowest since October. “So far, there is no indication that OPEC will waver from its decision made at the meeting last year to maintain production,” Harry Tchilinguirian , head of commodity markets strategy at BNP Paribas SA in London, said by e-mail. Oil […]