Oil plunges to five-year low amid fears of growing glut

Oil futures on Friday settled at their lowest in five years as the Organization of the Petroleum Exporting Countries’ decision to keep crude production the same heightened fears that the existing glut in the oil market would persist.

 sweet crude futures for delivery in January CLF5, -10.45%  was off $7.54, or 10%, to settle at $66.15 a barrel on Friday.

January Brent crude LCOF5, -3.53%  on London’s ICE Futures exchange fell $2.43, or 3.4%, to finish at $70.15 a barrel. That was Brent’s lowest settlement since May 25, 2010.