Oil headed for its largest monthly drop since July as Iran signaled the Organization of Petroleum Exporting Countries won’t reduce its production target at a meeting this week. Futures were little changed in New York and down 11 percent in November. Iran expects no major decisions that would change OPEC’s output target when the group gathers Dec. 4 in Vienna, Oil Minister Bijan Namdar Zanganeh said Saturday at a conference in Tehran. Prices retreated at the end of last week as Libya sought to boost supply and Russia ruled out military retaliation against Turkey for downing its jet near the Syrian border. Oil is set to average below $50 for a fourth month, the longest stretch since the global financial crisis, as a record supply glut showed no signs of ending amid a producers’ fight for market share. Iran has said it will announce plans during the Vienna meeting […]