Oil falls to lowest level in seven years due to the OPEC meeting

December 8 2015

Futures for crude oil prices fell on Monday, close to its lowest level in seven years after the OPEC meeting, which concluded without an agreement on addressing the growing supply glut with the rise of the dollar, which led to the high cost of crude formation centers.

OPEC did not agree to cut oil production in the conclusion of its meeting last Friday for the first time in decades abandoned oil ministers from referring to the production ceiling, which highlights the differences between members in how to deal with Iran's production at the lifting of Western sanctions imposed on Tehran.

The price of Brent crude fell global Brent crude $ 1.65 to $ 41.35 a barrel by 1532 GMT, after that aired earlier trading to $ 41.20 its lowest level since March 2009.

The total US light crude (the average West Texas) to $ 38.17 a barrel, down $ 1.80

The dollar rose against a basket of currencies after the publication of US jobs data on Friday which reinforced expectations for a rate hike in December.