The price of oil fell by almost 5% this morning after Opec members decided not to cut production levels in an attempt to push oil back over $50 a barrel. A barrel of US crude oil fell by $2.17 this morning to $44.06, as traders reacted to yesterday's decision at a meeting of the oil-producing nations in Vienna. The decision to maintain current supply levels suggests that Opec was unwilling to risk a row with the US. Opec secretary general, Abdullah al-Badri, even said he was encouraged by the attitude struck by the new US administration. "I don't want to say that I voted for Obama, but we can see a different tone ... that we didn't see in the past," said Abdullah al-Badri yesterday. The economic downturn has sent the oil price tumbling from last summer's peak of $147 a barrel. Demand has also slid, leaving Opec members with growing stockpiles. But given the precarious state of the world economy, analysts had already warned that a production cut risked a damaging price spike. continue reading source: Guardian.co.uk