Brent drops as OPEC rejects supply glut next year

European benchmark Brent crude declined on Monday trading session shrinking the WTI-Brent premium from $12.64 on Friday to $12.48 after the Organization of Petroleum Exporting Countries signalled it may reject a possibility of oversupply in 2014. Brent for delivery in February dropped 19 cents to $111.58 per barrel on the London's ICE Futures Europe exchange.