By Jonathan Davies
Oil prices took another tumble yesterday (Thursday) as oil producing nations decided not to cut production.
Brent crude oil fell as low as $71.12 a barrel before recovering slightly to $72.20. The $71 figure was the lowest seen since July 2010.
Brent crude fell by $5 during the Opec meeting as it became clear production would not be cut.
Prior to the meeting, Saudi Arabia - one of the biggest oil producers in the world - made it clear it would not cut production.
The fall in oil prices has largely been attributed to over supply and not enough demand. Earlier this week, Russia, which is not an Opec member, said it would cut production by 300,000 barrels a day in a bid to boost prices.
Energy companies' share prices reacted badly to the latest fall. BG Group shares were down 6.5% and BP's price was down 3.6%.
It did, however, boost airline prices as a result of cheaper fuel costs. EasyJet was up 4.2% and British Airways' owner IAG was up 1.5%.
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