Urgent: Crude prices plunge to near seven-year lows after OPEC's decision

Oil prices closed near seven-year lows Monday after the decision of the Organization of the Petroleum Exporting Countries (OPEC) last Friday to keep crude production pumping at current level in the already oversupplied market.

The West Texas Intermediate for January delivery moved down 2.32 U.S. dollars to settle at 37.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 2.27 dollars to close at 40.73 dollars a barrel on the London ICE Futures Exchange. Endit