Brent crude oil slumped to below $70 on Friday, its lowest level - TopicsExpress

Brent crude oil slumped to below $70 on Friday, its lowest level since 2010, after OPEC decided not to cut oil production. Venezuelas Foreign Minister said the group had worse cases to handle, adding that the current slump has partly political grounds. The price of the crude oil dipped 3.7 percent on Friday and fell to $69.94 per barrel, according to auction results. The cost of January futures fell by 4.47 percent, to $66.07 per barrel. In turn, the ruble hit new lows against the dollar, going down to $50.01 on Friday night at the close of the Moscow Stock Exchange. This follows the decision made by the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, to keep daily oil output at 30 million barrels. The step was taken despite a major oversupply that has caused oil prices to fall more than 30 percent. READ MORE: Oil slumps 4% as OPEC leaves output unchanged rt/business/209895-brent-oil-drop-ruble/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

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