Crude oil prices slumped after a report crossed that the 12-member oil cartel OPEC is not cutting its production levels.
According to Reuters, the group decided not to cut its production target. Bloomberg reported that the group increased its production ceiling to 31.5 million barrels from 30 million barrels per day, excluding production from Indonesia.
In New York, West Texas Intermediate crude futures fell nearly 2% to as low as $40.16 per barrel.
There had been reports earlier this week about division among OPEC members about whether or not to cut output, amid a growing supply glut that is keeping oil prices lower.
Here’s a chart showing the drop in WTI on Friday after the news crossed: