WTI Crude falls 5% after OPEC meet

FXStreet (Mumbai) - Crude prices in the US extended slide after the Organization of Petroleum Exporting Countries (OPEC) group decided to keep the production levels unchanged.

WTI Crude for January delivery traded 5.18% lower at USD 70.21 at the time of writing. Oil prices were trading weak ahead of the OPEC meet since markets were expecting the group to keep the production levels unchanged at at 30 million barrels a day. Moreover, the Saudi’s Oil Minister had already thrown a light on today’s decision when he mentioned yesterday that “markets would stabilize itself”.

WTI Crude Technical Levels