Oil Prices Falling as OPEC Nixes Cut in Production

Listen to an overview of the OPEC decision not to cut production as a method to boost prices. Gulf countries are looking instead to improve business by keeping prices down through achieving increased market share and the ability to realize a number of political objectives.

Brent crude was selling for below $70/barrel and West Texas crude below $65. The analysts believe that for the long and middle-term the prices should stay down, and even continue their slide.