9:25 am Oil Prices Plunge After OPEC Decides To Not Cut Output, WTI Crude Drops Below $68, Brent To Near $71
Crude oil prices tanked yesterday after OPEC decided not to reduce output to help the supply glut, which has been weighing on oil prices.
Brent crude oil dropped about 7%, falling as low as $71.12/barrel, while WTI crude fell about 8%, falling as low as $67.88/barrel following decision to not cut output. Refined oil products such as RBOB gasoline and heating oil tanked as well RBOB gasoline futures are about 6% lower, while heating oil is over 4% lower.
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