Lowest Prices in Seven Years
NPR reports that after Saudi Arabia told other oil producers it wasn’t planning to cut production at an OPEC meeting, prices for crude oil began falling to their lowest levels in years.
Oil prices fell to their lowest levels in seven years, after OPEC officials failed to agree Friday on how to address the global supply glut.
By midday Monday, Brent crude futures fell 5 percent to $40.68 a barrel, the lowest price since 2009. The U.S. oil benchmark West Texas Intermediate crude dropped below $38 a barrel.
No More Target
Price of Oil Plunging
Oil is trading at levels not seen since the depths of the recession.