Brent crude fell $2.43 to $70.15 a barrel on Friday. The last time Brent crude was priced this low was May 2010.

U.S. crude settled down $7.54 at $66.15 a barrel.

The price of Brent dived by more than $5 a barrel yesterday after OPEC announced no change to its production plans following a meeting in Vienna.

The 12 OPEC members decided to maintain production at 30 million barrels per day, as first agreed in December 2011.

Several members of OPEC had pushed for a cut in production to boost the price.

But Saudi Arabia, the largest producer within the oil cartel, favoured maintaining production at its current level.

Most members of the oil grouping require an oil price above $80 dollars a barrel to balance their budgets, but Saudi Arabia and some of the gulf states can sustain a lower oil price for a while thanks to state financial holdings and other diversified investments.

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http://monitor9ja.com/2014/12/oil-prices-falls-wake-opec-meeting/