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Brent crude, WTI tumble to 5-year low as OPEC refuses to cut output

byMonitoring Report
15/12/2014
in Business
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NEW YORK: Brent crude and WTI have turned sharply after tumbling to fresh 5-1/2 year lows overnight on OPEC’s announcement that it will not cut output even if prices fall as low as $40/bbl.
The rally is pushing European shares higher. Brent crude is up 1.6% at $62.86, after hovering close to $60/bbl yesterday. WTI fell below $57 last night, but is now up 1% at $58.39 per barrel.

Tags: Brent crudeOPEC refuses to cut outputWTI tumble to 5-year low

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