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Oil Price Falls Below $70 US as OPEC Leaves Output Unchanged

Posted November 27, 2014

Under Economic Issues, International Trade Issues

(Canadian Press)

Canadian dollar plunges almost a full U.S. cent as cartel decides not to cut production

The Canadian dollar plunged almost a full U.S. cent Thursday as oil prices fell below US$70 after the OPEC cartel decided not to cut production.

The loonie was down 0.88 of a cent to 88.12 cents US as the North American price of crude oil fell, trading below $70 US a barrel, the lowest it has been since May 2010. As recently as June it was around $105. Read more here.