US crude prices plunged on OPEC’s decision to not cut output, but light trading on Friday after the U.S. Thanksgiving Day holiday meant there could be more losses when markets return to full strength next week, traders said.
U.S. crude’s front-month contract closed $7.54, or 10.2 percent, lower at $66.15 per barrel—its lowest settlement since September 2009. The front month for benchmark North Sea Brent crude fell about $2 to $70.45, its lowest since July 2010.
West Texas Intermediate (WTI) light U.S. crude hit fresh lows after Saudi Arabia blocked calls on Thursday from poorer members of the Organization of the Petroleum Exporting Countries to reduce production. U.S. markets were officially closed on Thursday for Thanksgiving, with only electronic trading.