Oil prices hit multi-year lows as OPEC decision weighs

Oil prices fell further in Asia today to new multi-year lows, continuing a steep selloff sparked by OPEC's decision to maintain crude output in an oversupplied market.

US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.55 in early Asian trading to $64.60, its lowest intraday level since July 2009.

Brent crude for January sank $1.84 to $68.31, below the psychologically important $70 level.

"Negative actions in the oil market are continuing today. Investors see crude as remaining vulnerable after last week's OPEC announcement," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

"We have not yet seen any piece of news or development that could trigger a bottoming out phase in oil prices," he added.

The unabated price plunge comes after the 12-nation Organization of Petroleum Exporting Countries (OPEC) opted Thursday to maintain its collective output ceiling at 30 million barrels per day, where it has stood for three years.

OPEC refused to cut production despite a glut of supplies that has sent prices tumbling by more than a third since June, with analysts warning of further falls to come.

The news dragged WTI down $7.54 in New York on Friday, compared with the settlement price on Wednesday, to end at $66.15 a barrel. US floor trading was closed Thursday for a holiday.

Brent meanwhile had settled at $70.15 on Friday, down $2.43 from Thursday's close. It had earlier touched $67.90, its lowest intraday price since February 2010.