10 things you need to know today: November 28, 2014

Black Thursday
(Image credit: (Getty/Andrew Burton))

1. OPEC rejects pressure to reduce production, sending oil prices plummeting

Oil prices dropped by 7 percent to $69 per barrel on Thursday, the lowest level since May 2010. The dive came after OPEC announced that it was leaving production levels unchanged, dashing expectations that the group of leading oil exporters would slash production to boost prices. Saudi Arabia pushed to keep production levels steady despite pressure from Russia, Nigeria, and Venezuela, which need higher prices to bolster their economies.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.