(Source: Trefis Team, December 12, 2014)
NEW YORK — Crude oil hit its five year low price on Monday, December 8, under pressure from growing production in the U.S. and the unwillingness of the Organization of Petroleum Exporting Countries to cut production. West Texas Intermediate, the U.S. crude benchmark, declined 4.3% to $63.05 per barrel and Brent crude, which reflects the global market, fell 4.2% to $66.10 per barrel.
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