Crude oil prices are trading sharply lower in futures market on Friday as the Organization of Petroleum Exporting Countries (OPEC) braced for a price war with U.S. shale producers after taking no action to relieve a supply glut.
Light sweet crude oil (WTI) futures plunged 4.79 dollar or 6.5 percent to trade at USD 68.90 a barrel at the New York-based commodity exchange NYMEX.
Brent crude oil futures plunged 5.25 dollar or 6.75 percent to trade at USD 72.50 a barrel at NYMEX. Natural gas futures plunged 0.110 dollar or 2.526 percent to trade at USD 4.245 a gallon at the NYMEX.