Oil struggles in Asia after OPEC maintains output levels
Oil prices struggled in Asian trade Friday after the OPEC cartel decided against cutting production despite a global glut that has sent prices collapsing to multi-year lows.
Oil prices struggled in Asian trade Friday after the OPEC cartel decided against cutting production despite a global glut that has sent prices collapsing to multi-year lows.
US benchmark West Texas Intermediate for January delivery was at $68.76 a barrel in mid-morning trade, down 29 cents from its settle price in electronic trading in New York on Thursday. US floor trading was closed due to the Thanksgiving holiday.
Brent crude for January dropped 27 cents to $72.31.
The Organization of the Petroleum Exporting Countries, which pumps out one-third of the world's oil, opted to stick by its output target, even after prices have plunged by 35 percent since June.
The 12-nation cartel "decided to maintain the production level of 30 million barrels per day" where it has stood for three years, it said in a communique after a meeting Thursday at its headquarters in Vienna.
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