Brent near 4-year low after OPEC decides against output cut

Brent crude held above USD72 a barrel on Friday, close to a four-year low touched in the previous session after OPEC decided not to cut oil output to support prices.

OPEC’s decision, which came after Saudi Arabia blocked calls from poorer members of the Organization of the Petroleum Exporting Countries for output reductions, led to a rout in oil prices on Thursday.