Oil prices extended their decline Friday after the OPEC decision
Oil prices extended their decline Friday after the OPEC agreed not to change its output targets, as expected.
Light, sweet crude for April delivery lost 19 cents to $57.36 a barrel in Asian electronic trading on the New York Mercantile Exchange as of midmorning in Singapore. The contract fell 61 cents to settle at $57.55 a barrel Thursday.
OPEC ministers said Thursday at a meeting in Vienna that they had decided to maintain the oil cartel's crude production at existing levels, satisfied that two recent rounds of output cutbacks have helped boost sagging oil prices and balance global oil markets.
"The market is stable, the market is healthy," said OPEC Secretary General Abdalla Salem El-Badri of Libya. "We don't need to touch it this time."