Crude oil price down below $34 per barrel

NEW YORK: World oil traded below 34 dollars on Friday, at its lowest levels in more than four years, after OPEC’’s announcement of a record production cut failed to rally prices. New York’’s main futures contract, light sweet crude for delivery in January, traded at 34 dollars a barrel in afternoon trade, off its morning low of 36.00. On Thursday the contract dived 3.84 dollars to 36.22 dollars, its weakest finish since July 2004, on the New York Mercantile Exchange.