Oil Costs Drop Under $70 After OPEC Meeting
Oil prices came crashing down Thursday to commerce under $70 per barrel after OPEC announced it was leaving oil manufacturing levels unchanged.
WTI crude buying and selling within the U.S. fell by roughly 7% to simply beneath $69 — a level not seen since Might 2010.
In Europe, Brent crude prices also fell by about 7% to trade just under $seventy shandong molong petroleum machinerympany limited three.
Many had anticipated OPEC to agree on a lower to oil production in a bid to boost prices.
However the group of major oil producing nations refused to budge after six hours of negotiations. Particularly, Saudia Arabia, which has essentially the most clout among the OPEC members, needed production levels to stay put.
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