Price of crude oil falls to a fresh four-year low

Fortune

Brent crude fell to a fresh four-year low on Friday, sending oil-related shares and currencies lower, after OPEC decided against cutting output despite a supply glut.

With markets in the United States due to reopen following Thursday’s holiday, futures on major U.S. stock indexes were around 0.2 percent lower.

Brent crude touched a low of $71.12 a barrel after settling at a four-year closing low on Thursday, when Saudi Arabia blocked calls from poorer members of the OPEC oil cartel to cut production to stem a slide in global prices.

Europe’s oil benchmark came off its lows to trade at $73.09, but remained on track to have lost more than 15 percent in November — its biggest monthly fall for six years. U.S. crude was last down 6.5 percent at $68.90.

The slump dominated Asian and European trade.

European oil and gas stocks dropped 3.7 percent, dragging the pan-European…

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