World crude oil prices fell rapidly after the Organization of Petroleum Exporting Countries (OPEC) claims not to cut production despite oversupply of global oil supplies. >> The price of crude oil, Vietnam Men have "missed" collection? >> world oil prices "plummeted" by production in the US reached a new record
Before the meeting of OPEC took place yesterday (27/11) in the Austrian capital Vienna, oil prices were pressured by the market decline has foreseen the possibility of this organization not cut mining production. However, after OPEC announced the results of the meeting, oil prices fell even greater pace. In London, Brent crude for February delivery fell 1/2015 have time $ 5.17 / barrel, equivalent decrease of 6.7%, and $ 72.58 / barrel. At closing, Brent stop at $ 72.82 / barrel. In New York, light sweet crude for January delivery 1/2015 electronic transactions at the drop of 6.9%, and $ 68.59 / barrel. This is the biggest drop in oil prices since 2011, also marked the first time in more than four years in the market price of oil dropped below the landmark New York 70 USD / barrel. The poorer countries in OPEC members such as Venezuela has appealed to cut oil production in order to "save" price. However, the most powerful country in this group that Saudi Arabia has not accepted this proposal.