US crude fell 7 percent on Opec''s decision to not cut output, but light trading on Friday after the US Thanksgiving Day holiday meant there could be more losses when markets return to full strength next week, traders said. West Texas Intermediate (WTI) light US crude hit a four-and-half-year low of $67.75 a barrel overnight after Saudi Arabia blocked calls on Thursday from poorer members of the Organisation of the Petroleum Exporting Countries to reduce production.
US crude''s front-month contract was down $5.42 at $68.27 a barrel at 11:56 am EST (1656 GMT). The drop of more than 7 percent was the biggest daily fall since 2011. The front month for benchmark North Sea Brent crude was 40 cents lower at $72.18, after falling earlier to $71.12, a low since July 2010.
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