Oil prices hit a four-and-a- half-year low in the wake of a decision by the OPEC producers' cartel not to cut output.
The price of Brent dived by more than 5 dollars a barrel on Thursday after OPEC’s announcement in a meeting in Vienna.
Brent crude fell 2.43 dollars to 70.15 dollars on Friday. The last time Brent crude was priced this low was May 2010.
U.S. crude settled down 7.54 dollars at 66.15 dollars a barrel
The 12 OPEC members decided to maintain production at 30 million barrels per day, as first agreed in December 2011.
The organization has "no target price," OPEC's Secretary-General Abudulla al-Badri said at a press conference, referring to his previous aspirations of 100 dollars per barrel.
Industrial analysts regard the OPEC decision very bearish to crude prices, saying the organization keeps production steady, crude prices could fall further.
They also say the OPEC's decision will ensure a crash in the U. S. shale industry as the prices become unprofitable for some explorers.
More than that, as others are suggesting that a different sort of oil market management system may emerge with new way for production and prices regulating.
"We are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC," said a report from French bank Societe Generale.