Oil prices sink near seven-year lows on OPEC decision
油价下跌至七年来最低水平

Oil prices have hovered near their lowest in almost seven years in Asia ahead of the release of US crude inventories, and expectations of an increase in US interest rates.

Oil prices have plunged from peaks above 100 US dollars a barrel in June last year largely due to the supply glut. Now oil prices are trading 60 percent below where they peaked last year.

Analysts say the decision by the OPEC oil producers grouping last week to maintain its lofty production levels continues to weigh on the oil market.

Traders are also closely watching a meeting of the US central bank's Federal Open Market Committee next week amid expectations members will announce the first interest rate hike in over nine years.