UK supermajor BP (LON:BP) will reportedly cut jobs and freeze some projects due to slump in oil prices.
The West Texas Intermediate for January delivery declined 4.2% to finish at a five-year low of US$63.05 a barrel while Brent Crude gave up US$2 per barrel to US$67.20.
Both crude benchmarks fell about 18% in November after the Organization of Petroleum Exporting Countries decided to maintain its 30 million-barrel-a-day output target amid rising U.S. oil production.
Shares in BP, which employs almost 84,000 people worldwide, fell 1.45% to £418.34.
Other supermajors also fell overnight with ExxonMobil (NYSE:XOM) down 2.26% to US$91.70 and Chevron (NYSE:CVX) falling 3.67% to US$106.80.
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