| OPEC's decision not to cut production to shore up oil prices drove down the price of oil even further in a strong challenge to American shale oil producers - or, in less delicate language, the start of an all-or-nothing price war.
The immediate result of OPEC's decision was a further drop in the price of the world's leading benchmark oil, Brent crude, which lost $6.50 per barrel , falling to $71.25 on Nov. 27, its worst performance in a single day since 2011. Brent soon had a weak rally, raising its value to $72.55. The price of oil has now dropped by nearly 40 percent since mid-June...............................................Full Article: Source
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