Oil Prices Fall to 12-year Lows

Oil prices have nosedived to 12 year lows due to a global crude glut.

New York's West Texas Intermediate and Europe's Brent North Sea crude for February delivery fell to just over 30-dollars-40 cents in early trade. The sliding prices have prompted oil producing countries to call an emergency meeting of the Organization of the Petroleum Exporting Countries, OPEC. The Nigerian petroleum resources minister said he expects the meeting to be held in early March. Emmanuel Ibe Kachikwu says OPEC members had agreed to hold an emergency meeting if crude prices hit 35 dollars per barrel. OPEC in its last meeting refused to cut production as members sought to protect their market share.