OPEC move to keep oil output target sparks price slump


  • World
  • Friday, 28 Nov 2014

Vienna (AFP) - OPEC's decision against cutting oil production, despite a global glut in supplies, triggered a five-dollar collapse in crude prices and prompted a fall in early trading on Asian markets Friday.

The cartel pumping out one-third of the world's oil opted to stick by its output target, even after prices have plunged by 35 percent in value since June.

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