Crude Oil Price Update: OPEC to Meet in Vienna to Discuss Falling Prices
Global oil prices fell on Wednesday - with US oil declining to a new four-year low - amid expectation that the OPEC will not take significant action in response to the declining oil prices. The price of benchmark US light sweet crude or West Texas Intermediate (WTI) for delivery in January fell USD $0.40 to USD $73.69 per barrel on the New York Mercantile Exchange, the lowest price level since September 2010, while the European benchmark, Brent crude for January delivery fell USD $0.58 to USD $77.75 a barrel in London trading.