CRUDE OIL PRICES TUMBLE AS OPEC MAINTAINS OUTPUT

Crude oil prices sank to new four-year lows on Thursday on the back of the announcement that the Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain its oil output ceiling at 30 million barrels, preferring, as a strategy, to wait for the market to stabilise instead of cutting production quotas.

OPEC’s decision sent world oil prices tumbling, with London’s Brent Light crude for January deliveries falling to $74.36 a barrel while New York’s West Texas Intermediate (WTI) for January slumped to $70.87, triggering the likelihood of a price war among Saudi Arabia, Russia and the United States of America as they battle to maintain market share.

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