09 December, New Delhi
Following Tuesday’s more than 6 percent fall, global crude oil prices declined again.
Brent crude oil futures were down 2.1 percent, to 39.88 dollars a barrel–its lowest level in almost 7 years.
U.S. crude oil slipped below 37 dollars a barrel–also its lowest in almost 7 years.
Oil fell after OPEC effectively abandoned any limits on crude output, prompting speculation that a record global glut will continue.
Oil has slumped about 40 percent since Saudi Arabia led the Organization of Petroleum Exporting Countries’ decision, a year ago, to maintain output and defend market share by pressuring higher-cost producers.