Brent, WTI Slump to 4-Year Low as OPEC Keeps Quota Steady
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Brent crude futures slumped to the lowest level in more than four years after OPEC refrained from cutting production limits. West Texas Intermediate slid below $70 for the first time since 2010.
Futures tumbled 6.7 percent in London, the steepest one-day decline in more than three years, after Saudi Oil Minister Ali Al-Naimi said the group maintained its collective ceiling of 30 million barrels a day. The 12 member organization will abide by its target as it seeks a “fair” oil price, Secretary-General Abdalla El-Badri said in Vienna.