Investing.com - West Texas Intermediate and Brent oil prices fell to the lowest levels since September 2010 on Thursday, after the Organization of the Petroleum Exporting Countries decided not to cut output at the conclusion of its highly-anticipated meeting.
On the New York Mercantile Exchange, crude oil for delivery in January fell by as much as 4.3% to hit a daily low of $70.91 a barrel, before recovering to last trade at $71.40 during U.S. morning hours, down $2.69, or 3.63%.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery lost as much as 4.3% to hit a session low of $74.41 a barrel, a level not seen since September 2010, before trimming losses to last trade at $75.22, down $2.54, or 3.26%.
The Organization of Petroleum Exporting Countries said earlier that it would keep its official production target unchanged at 30 million barrels a day, disappointing hopes the oil cartel would lower output to support the market.
The 12-member group is responsible for approximately 40% of global supply. Their next meeting is scheduled for June 5, 2015.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
London-traded Brent prices have fallen nearly 35% since June, when it climbed near $116, while WTI futures are down almost 34% from a recent peak of $107.50 in June.
Trade volumes were expected to remain light on Thursday, with U.S. markets closed for the Thanksgiving holiday.