Oil Prices Fall To Near Seven-Year Low

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.

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