Brent oil below $42 at record low since 2009 as OPEC’s quota kept

MOSCOW, Dec 7 (PRIME) -- The Brent price decreased to below U.S. $42 per barrel, a record low since February 24, 2009, after OPEC decided on December 4 to keep oil production quotas at the same level, according to data of the ICE trading platform, seen by PRIME on Monday.

January futures for Brent crude oil fell 2.78% to $41.80 per barrel as of 5:13 p.m. Moscow time.

OPEC decided at a meeting on December 4 to keep its oil production quota at 30 million barrels daily again despite lower oil prices and excessive supply on the market.

The oil price is also depressed amid expectations of a U.S. Federal Reserve System’s (Fed) meeting over a key rate increase, which will be held later in December.

The 2015 average Brent price stood at about $55 per barrel.

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