Oil prices sunk to fresh four-year lows on Thursday, with New York
crude plunging below $70 a barrel, after OPEC decided against cutting
output despite a huge oversupply in world markets.
At about 16:10 GMT, West Texas Intermediate for January delivery struck $69.11 per barrel -- last seen on May 25, 2010. Brent North Sea crude for January hit $72.74, a level last witnessed on July 7, 2010.
Asked whether the oil OPEC had decided not to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters in Vienna: “That is right.”
At about 16:10 GMT, West Texas Intermediate for January delivery struck $69.11 per barrel -- last seen on May 25, 2010. Brent North Sea crude for January hit $72.74, a level last witnessed on July 7, 2010.
Asked whether the oil OPEC had decided not to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters in Vienna: “That is right.”