Oil prices plunge post Opec meeting

Oil prices have plummeted after the Opec oil producers' cartel decided not to reduce output at its meeting in Vienna.

Opec's secretary general Abdallah Salem el-Badri said that the cartel would not try to shore up prices by decreasing production, reported the BBC.

The Opec members decided to maintain the oil production at 30 million barrels per day as agreed upon in December 2011.

Following the announcement, Bent crude hit its lowest since August 2010 and dipped below 72 dollars per barrel before settling at 72.82 dollars.

The U.S. benchmark also plunged to 69.05 dollars a barrel on the day. The market business was also slowed by midday due to Thanksgiving holiday.

Crude oil prices have dipped 30 percent since June on sluggish global demand and rising production from the U.S.

Falling oil prices have been a cause of concern for members of the oil cartel as most require prices above 80 dollars per barrel while others need above 100 dollars per barrel to balance their government budgets.