Oil prices fall to lowest level in more than a year

Nov. 23 (UPI) -- Oil prices dropped 7 percent Friday -- marking the lowest price for crude in more than a year.

According to CNBC, the price drop increases pressure on the Organization of Petroleum Exporting Countries before member countries meets with non-OPEC nations in Vienna, Austria, on Dec. 6.

"The imminent OPEC meeting in Vienna is unlikely to provide massive support this time around because of the troubling situation in and around Saudi Arabia," Eugen Weinberg, head of commodities research at Commerzbank, said in a Wall Street Journal report.

The Journal reported the price decrease comes after a period in early October in which oil prices reached their highest rates in years. But recent geopolitical events, combined with pessimistic outlooks on the global economy and supply-and-demand concerns, caused the prices to plummet.

President Donald Trump praised the recent drop in oil prices on Wednesday.

"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.