LOC10:33
07:33 GMT
Price of light American crude oil down
KUALA LUMPUR, Dec 1 (KUNA) -- Prices of forward deals of the light American crude oil, for January's delivery, dropped in the Asian trades, 2.22 percent, reaching USD 64.68 per barrel on Monday, as compared to Friday's rates.
The Brent forward transactions for January's delivery went down 2.51 percent today to USD 68.39 pb, also in contrast to the Friday's rates.
Price difference between the light American crude and the Brent oil amounted to USD 3.71.
The large decline in crude oil prices in Asian trading came after release of the Organization of Petroleum Exporting Countries' decision (OPEC), on Thursday at a meeting in Vienna, to keep current crude output unchanged at 30 million bpd.
Light US crude has fallen more than USD two to its lowest level since five years in Asian trading, while the Brent forward deals touched lowest level for four years after OPEC decided not to cut production.
It is expected that crude oil prices will record further declines when the market returns to full strength this week as last Friday marked the Thanksgiving holiday in the United States. (end)
mam.ss