Oil prices plunge after Opec meeting

The price of oil slumped after the OPEC oil producers’ cartel decided not to cut output at its meeting in Vienna, the BBC repots.

OPEC ‘s secretary general Abdallah Salem el-Badri said they would not try to shore up prices by reducing production.

“There’s a price decline. That does not mean that we should really rush and do something,” he said.

Following the announcement Brent crude hit its lowest since August 2010, falling below $72 a barrel, before settling at $72.82, 5% drop on the day.

The US benchmark dropped $4.64 to $69.05 a barrel, although market business slowed by midday in thinning Thanksgiving holiday business.

The 12 OPEC  members decided to maintain production at 30 million barrels per day as first agreed in December 2011.

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