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Brent crude and West Texas Intermediate are trading at new lows. Brent Crude lost -2.88%, currently trading at USD59.30 a barrel. Crude slipped below the 60 dollar mark, its lowest since May 2009. West Texas Intermediate declined -2.56% currently quoted at USD54.48, a new five-year low. OPEC's decision taken on November 27th in Vienna to not cut output rates to fight for market shares weighs on prices. Crude almost lost 45% this year amid concerns about global economic growth and cooling demand. Yesterday United Arab Emirates energy minister said that the OPEC will not trim production while other producers continue to expand. Data on China's slowing Factory Output put further pressure on prices.
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