Brent hits new low as GCC mulls oil price

Brent crude oil futures fell below $10/bbl for the first time on Dec. 7, as Gulf Cooperation Council (GCC) leaders met to debate rock-bottom oil prices. Brent for January delivery bottomed out at $9.90/bbl and settled at $10.26/ bbl by the close of London trading. At that time, prompt-delivery Brent stood at $9.61/bbl.

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