The price of Brent crude oil has fallen another 8% to $71 per barrel after the Organization of the Petroleum Exporting Countries (OPEC) decided not to cut output on Thursday.
The 12-country oil collective has been considering intervening in the global oil market in a bid to stop the downward slide of oil prices, which had already fallen by some 30% since June. However, with OPEC having opted to maintain supply at current levels wth the aim of "restoring market equilibrium", the price of Brent oil plummeting another 8% towards the $70 per barrel mark. Brent was trading as low as $71 after the OPEC announcement this afternoon, having been as high as $114 just five months ago. WTI crude, the US measure, similarly fell 7.5% to $67 a barrel. Shares in UK ...
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