Oil traded near a five-year low as the United Arab Emirates said the Organization of Petroleum Exporting Countries will refrain from cutting output even if prices slumped to $40 a barrel.
Russia's War Against Ukraine
Bloomberg: Oil trades near 5-year low as OPEC seen resisting cuts
The logo of the OPEC (Organization of the Petroleum Exporting Countries) is seen on the eve of the 164th OPEC meeting in Vienna, Austria on December 3, 2013.
