Oil prices continue to tumble, with crude falling below $74 a barrel by Friday after a 3% tumble on Thursday. Prices have fallen over 30% since June and are currently at a four-year low.
The drop comes as traders believe members of the OPEC oil exporting countries, which control about 40% of world oil exports. will not cut production.
OPEC’s 12 member countries will meet later this month to discuss the global oil market.
Lower oil prices typically prompt OPEC member countries, which include the largest oil exporting nation in the world, Saudi Arabia, to hold back output in order to limit supply and boost prices and income.
Most need higher oil prices to fund rising government spending.
However, recent comments by oil ministers from Saudi Arabia and Kuwait indicate the group is unlikely to agree to a cut.
The US energy department said this week that it expected low fuel prices to last into next year.
Source:: Crude oil tumbles to 4-year low