Crude oil fell below the level of $ 70 a barrel on Friday before the proposed meeting of the major producers of crude oil in Abu Dhabi. This is the lowest level of seven months.

In morning deals, Brent Crude (North Sea) fell to $ 69.13 a barrel for January delivery in London. Crude oil has come down from $ 70 a barrel for the first time since April 2018. West Texas Intermediate fell to low level of $ 59.28 a barrel after the February in New York.

This fall has come at a time when OPEC and non-OPEC major crude oil producing nations are scheduled to meet in Abu Dhabi on Sunday to discuss possible reduction in production in view of the fall in prices.

Crude oil reached the highest level of four years in October. Crude oil prices have fallen due to the increasing of production, slowing China's economic growth and easing concerns of the ban on Iran. Crude oil has softened even with the signs of rising stores in the US. The US has decided to give concession eight countries including China, India and Japan with a ban on Iran this week. This has reduced prices too.

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