Oil prices fall dramatically after OPEC conference

As of 8.11am Moscow Time today, January futures for Brent oil dropped in price by 7.21% to $72.52 per barrel, WTI by 6.89% to $68.94 per barrel. Since the OPEC conference, where the quota for oil extraction was left at 30 million barrels a day, WTI prices dropped below their low point of May 2010 on the New York Exchange ($67.75), Brent fell below the low of August 2010 ($71.25). Analysts predict further falls in prices by the end of the year, RIA Novosti reports.