"OPEC's decision not to cut production continues to reverberate through global oil markets, with the price of Europe's benchmark Brent crude falling to a four-year low today — bad news for petroleum exporters in the Middle East and Russia, but good news for nearly everyone else."

"Brent crude oil steadied at about $73 a barrel on Friday after reaching a low of $71.12, its lowest level since July 2010, according to Reuters."

"Igor Sechin, the head of Russia's Rosneft, says he thinks oil prices will average $70-75 per barrel through 2015. That prediction was in line with what Bill Hubard, chief economist at Markets.com, told Reuters: 'I think $70 a barrel will be the new norm. We could see oil go considerably lower.'"