NEW YORK, Dec. 7 (UPI) -- Crude oil prices recorded a second straight day of steep declines Wednesday as data suggest supply-side pressures building in spite of OPEC's best efforts.
Crude oil prices soared as much as $10 per barrel since members of the Organization of Petroleum Exporting Countries agreed to a production ceiling of 32.5 million barrels per day starting in January. Iran, one of the stronger producers in OPEC, has room for production growth and two of the member states -- Libya and Nigeria -- were exempt from the deal as they work to resolve lingering conflict.