Copyrighted Image? DMCA | U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor. Friday's selloff culminated a stunning 24 hours on global crude markets, in near free fall after Saudi Arabia blocked calls from poorer members of the Organization of the Petroleum Exporting Countries to reduce production. Saudi Arabia's oil minister told fellow OPEC members on Thursday they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. |
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